Oracle’s cloud business has entered what CEO Safra Catz called a “hypergrowth phase,” as the company’s combined software-as-a-service and platform-as-a-service revenue grew faster in Q3 FY2016 than even Oracle had projected.

Oracle’s transition to the cloud is paying dividends (this quarter, literally so, at 15 cents a share) as illustrated by a number of customers buying more than one type of service and high renewal rates among existing customers.

Oracle Executive Chairman and CTO Larry Ellison emphasized the breadth of Oracle’s cloud software, platform, and infrastructure portfolio, noting that the company’s cloud revenues are growing much faster than those of its more narrowly focused competitors, Salesforce.com and Workday.

SOURCE: oracle.com