Oracle's new software, Cloud revenue dropped 2 per cent in Q3

Oracle's total revenue dipped 1 per cent and profits remained almost flat in its most recent quarter, as revenue from new software licenses and cloud services dropped by 2 per cent.

Revenue for the December to February period was $US9 billion while net profit was $US2.5 billion, the company said.

The 2 per cent drop in new software licensing and Cloud software subscriptions pushed revenue in that business sector to $US2.3 billion.

The amount of money Oracle makes from new licensing is watched closely because it helps indicate future growth. New licensing agreements and subscriptions usually lead to ongoing sales and support contracts that are lucrative for the company.

The license update and support business was almost twice the size of new business in the quarter. It saw revenue of $US4.3 billion, up 7 per cent on the same period in 2012.

Offsetting the healthy jump in support revenue, Oracle said its hardware products business suffered a 23 per cent drop in revenue while its hardware support business fell 6 per cent.

(More to follow.)

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