Oracle is continuing to grow its business, largely on the back of expanding software and cloud based services.
The company reported its second quarter fiscal 2019 financial results on Dec. 17, with revenue coming in unchanged at $9.6 billion for the quarter. Though revenue was flat, Oracle's top executives are optimistic about the opportunities for future growth, fueled by an expansion of its enterprise applications.
"We continue to grow revenues faster than the market, and we have an enormous opportunity ahead of us, particularly ERP as well as HCM," Oracle co-CEO Mark Hurd said during his company's earnings call.
Hurd commented that overall, ERP and HCM now have annualized SaaS revenue of $2.6 billion, up mid-20s percent. Fusion apps revenue growth was 34 percent, while Fusion ERP revenue growth was 44 percent and NetSuite ERP revenue growth was 25 percent.
Hurd emphasized that many of Oracle's biggest wins during the quarter were complete suite wins, where organizations acquired ERP and HCM technologies from the company.
"People want the same UI, user interface, the same workflow, etc.," Hurd said. "So ERP has the tremendous effect on pulling HCM through."
Hurd also took time to quote a recent IDC report that gave top marks to Oracle's HCM offerings. He said the report gave Oracle SaaS HCM the highest rating among the three vendors (Oracle, Workday and SAP Success Factors) across most scoring categories, including vendor satisfaction, likelihood to recommend vendor to a colleague, data security, trusted brand, lower TCO, value for the price paid, ease of use, superior features and functionality, ease of implementation, customer support, product innovation and geographical reach.
The Future of Oracle
Larry Ellison, CTO of Oracle, stated during the earnings call that Oracle has two strategic products that will determine the future of the company: Cloud ERP and the Autonomous Database.
Ellison added that that Oracle has translated its technology leadership into market leadership in cloud ERP, with nearly 6,000 Fusion ERP customers plus more than 16,000 NetSuite customers, and is adding about 1,000 new cloud ERP customers every quarter.
"As we pair our new Autonomous Database with our new generation two cloud infrastructure, we expect not only to hold onto our 50 percent database market share, we expect to increase it," Ellison said.
Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. Follow him on Twitter @TechJournalist.