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Oracle’s NetSuite revenue rose by 21 percent for the first quarter year-over-year to $700,000, also up 21 percent in constant currency. This marks the latest in a string of reporting periods in which NetSuite’s year-over-year increases have been above 20 percent.

However, the last two periods have seen growth in the low 20s, while prior quarter jumps were in the high 20s. The software company reported that Fusion cloud ERP also rose by 21 percent to $700,000 for the most recent period, representing a 21 percent increase over last year's corresponding period.  During this week’s earnings call, nobody talked about NetSuite or Fusion, except for a single mention. Founder Larry Ellison was almost tight-lipped, which is unusual for Ellison, who normally speaks at length about his company’s strengths and often criticizes competitors. However, this time he didn’t mention a single competitor, not even SAP, which is usually one of his targets. Almost all Ellison and the analysts wanted to discuss during the call was AI.Oracle earned $2.42 billion for the most recent period, marking a 56 percent increase over the previous year. Revenue rose by 9 percent to $12.45 billion for the first quarter of fiscal 2024, which is a 9 percent increase from a year ago. Despite the surging ERP totals, there was a 10-percent drop in cloud and on-premise license revenue to $11.45 billion from $904 million a year earlier. One non-AI topic discussed was Oracle’s construction of new data centers. This is noteworthy since many companies are closing their data centers and opting for AWS or Azure hosting. However, Oracle has its own infrastructure to offer and continues to open new regions, according to CEO Safra Catz. “Because we have far more demand than we can supply, our biggest challenge is building data centers as quickly as possible,” she said.


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