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.
"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.
The company expects cloud growth of 39% to 43% in Q2, disappointing investors who are watching its efforts to catch up with Amazon and Microsoft.
"Our pivot to the cloud is now clearly in full swing," Oracle co-CEO Safra Catz says.
Oracle’s total cloud revenue in the quarter ended Feb. 29 rose 40% to $735 million.
Safra Catz will share chief-executive duties with Mark Hurd, but still focus on manufacturing, finance and legal operations.
The company’s top three executives are getting plenty of ink for refusing bonuses that were due them. But the eschewed amounts are so small, the motivation for the decision is murky.
