From StockNews.com: I.T. giant Oracle Corporation (NYSE:ORCL) late Thursday posted mixed second quarter earnings results, as strong cloud services performance drove the bulk of its growth.

The Redwood City, CA-based company reported adjusted Q2 EPS of $0.61, which was a penny better than the $0.60 that analysts had expected. Revenues rose 0.5% from last year to $9.04 billion, missing Wall Street’s $9.11 billion estimate.

Oracle said that adjusted cloud software as a service (SaaS) and platform as a service (PaaS) revenues surged 87% to $912 million. Cloud Revenues, including infrastructure as a service (IaaS), jumped 62% to $1.1 billion. Operating cash flow from the trailing twelve months was $14.2 billion, up 9%.

The company commented via press release:

“For four consecutive quarters our Cloud SaaS & PaaS revenue growth rate has increased,” said Oracle CEO, Safra Catz. “As we get bigger in the cloud, we grow faster in the cloud. Our non-GAAP constant currency SaaS and PaaS growth rate is now up to 89%. This growth rate acceleration has driven our quarterly cloud revenue over the $1 billion mark. When salesforce.com crossed the billion dollar milestone their SaaS and PaaS subscription growth rate had slowed down to 36%, even after you include all their acquisitions.”

Oracle shares fell $0.76 (-1.86%) to $40.10 in after-hours trading Thursday. Prior to today’s report, ORCL had gained 11.85% year-to-date, putting it in-line with the performance of the S&P 500 index during the same period.

ORCL currently has a StockNews.com POWR Rating of B (Buy), and is ranked #2 of 58 stocks in Software – Application.

This article is brought to you courtesy of StockNews.com.

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