The software giant's decision "is another signal that the trend toward more remote working brought on by the pandemic could outlast the health crisis.”
Revenue from the Fusion and NetSuite Cloud ERP apps grew 33% and 21%, respectively, in Q2 as the shift to remote work continued.
The software giant saw a drop-off in deals, particularly in industries most affected by COVID-19 such as hospitality and retail.
The company's autonomous database and ERP products will “determine Oracle's future in the cloud,” CTO Larry Ellison says.
Mark Hurd says he decided that he needed to spend time focusing on his health.
With Oracle's buybacks exceeding free operating cash-flow generation, S&P is concerned the company will be overleveraged.
Some analysts question whether the Oracle co-founder can bring independent oversight to Tesla given his friendship with Elon Musk.
Growth in Oracle's cloud-computing business, however, still lags behind rivals such as Workday and Salesforce.
Low up-front costs, hands-off maintenance, and automatic updates make cloud systems deserving of a serious look.
The ERP market is in great flux as 2018 winds down, positioning some ERPs in unaccustomed positions as market leaders.
"This market has no patience for any misses from tech companies, no matter how minor or how explainable the miss."
The company's shares drop more than 7% after its guidance for fourth-quarter cloud revenue misses analysts' expectations.
