Oracle has reported a strong fiscal 2023 Q4 and full-year results, showing significant growth in revenues, reaching $13.8 billion.
Cloud services and license support revenues also saw a substantial increase, rising by 23 percent to $9.4 billion. However, cloud license and on-premise license revenues experienced a decline of 15 percent and 14 percent respectively, amounting to $2.2 billion. Notably, Cerner contributed $1.5 billion to total revenues in the fourth quarter of fiscal 2023.
Oracle’s cloud computing business specifically experienced impressive growth, with fourth-quarter revenue reaching $4.4 billion, a 54 percent increase compared to the previous year. The cloud infrastructure segment contributed $1.4 billion in revenue, growing by 17 percent, while cloud software sales rose by 45 percent to $3 billion.
“Oracle’s revenue reached an all-time high of $50 billion in FY23. Annual revenue growth was led by our cloud applications and infrastructure businesses which grew at a combined rate of 50 percent in constant currency. Our infrastructure growth rate has been accelerating—with 63 percent growth for the full year, and 77 percent growth in the fourth quarter. Our cloud applications growth rate also accelerated in FY23. So, both of our two strategic cloud businesses are getting bigger—and growing faster. That bodes well for another strong year in FY24.”
Oracle has shown its dedication to supporting digital transformation in the Middle East by making substantial investments. Last year, the company unveiled a new cloud region in Abu Dhabi, marking its second cloud region in the UAE. This move signifies Oracle’s commitment to assisting organisations of various scales in the region to fulfill their strategic goals.
In Saudi Arabia, the company announced plans to establish a third public cloud region, which will located in Riyadh. The upcoming cloud region will be a significant component of Oracle’s planned $1.5 billion investment, aimed at enhancing the Kingdom’s cloud infrastructure capabilities. The Oracle Cloud Riyadh Region is slated to join the existing Oracle Cloud Jeddah Region and the future Oracle Cloud Region, set to be located in the innovative city of NEOM.
Nick Redshaw, SVP – Cloud Tech and UAE Country Leader, Oracle, said, “Middle East and Africa continue to be high-performing growth engines for Oracle. A planned $1.5 billion investment in Saudi Arabia to meet the Kingdom’s growing cloud computing demand; announcement of a new Oracle Cloud Region in Riyadh; expansion of our Jeddah Cloud Region; opening of a second Innovation Hub in the UAE; addition of strategic customers such as e&, stc, TONOMUS, Injazat, Etihad Water and Electricity, Mubadala Health, and Government of the Sultanate of Oman; our headline presence in industry events such as LEAP, GITEX Middle East and GITEX Africa, as well as the impact made by Oracle CloudWorld Tour Abu Dhabi are some of the FY23 milestones our team can be incredibly proud of.”
