Oracle CEO Mark Hurd has outlined the software giant’s focus for 2018, while shrugging off its recent share price performance.
After hitting all-time highs exceeding $52.90 in March, Oracle’s stock price has declined to $45.80.
On 19 March, 2018, the company announced a 6% rise in third quarter revenue, to $9.77 billion. Cloud revenue climbed 32% to $1.6 billion, while for the nine months of full year 2018, total cloud revenue climbed to $4.55 billion, up 42%.
Speaking at a media day at the company’s headquarters in Redwood Shores, California, on Monday (7 May), Hurd said that market valuations have changed from purely revenue and margins, to include things like future products, which can make true valuations more difficult. “The stock takes care of itself over time,” he said.
On Monday, Oracle expanded the scope of autonomous capabilities with built-in AI and machine learning through the availability of Oracle Autonomous Analytics Cloud, Oracle Autonomous Integration Cloud, and Oracle Autonomous Visual Builder Cloud.
With built-in advanced artificial intelligence (AI) and machine learning algorithms, it said these new PaaS services automate and eliminate key tasks to enable companies to lower cost, reduce risk, accelerate innovation, and get predictive insights.
The company also updated it service plans, making previously premium priced Platinum grade services a standard offering.
Hurd described Oracle’s new SaaS Support Services as a new standard in the SaaS industry, designed to ensure customer success. “As the software industry moves to the cloud, our application support offerings need to become more agile and responsive,” he said.
“We need to provide our SaaS customers with everything they need for rapid low-cost implementations and a successful rollout to their users. In response to those needs, we are announcing that our highest level service, Oracle Platinum-Level Support, will now be provided to all of our Fusion Oracle SaaS customers at no extra cost. In addition, we are also announcing a new set of Custom Support Services that can be flexibly tailored to the particular requirements of any individual customer.”
Oracle specializes primarily in developing and marketing database software and technology, cloud engineered systems and enterprise software products. “We are a company that has a lot of different metrics, Hurd said. “We are focused on autonomous databases, and applications,” he said.