A third of Oracle revenue now comes from cloud services

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After years of investments, Oracle’s bet on cloud computing has started to pay off with nearly a third of its revenue in the first quarter of fiscal year 2023 coming from cloud services. Total cloud revenue (SaaS and IaaS combined) stood at $3.6 billion in the quarter, up 50% year-on-year, without accounting for currency fluctuations. The company expects to hit an annualized revenue runrate of over $20 billion combining all of its cloud services, chairman Larry Ellison said on Monday, adding that Oracle acquired close to 1,000 new “paying” cloud customers in the last three months. “Total cloud…

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