Oracle is also gaining from its recent acquisitions of cloud-based service providers Taleo and RightNow, and analysts said revenue from these businesses powered the company's cloud revenue to $222 million in the first quarter.
Oracle's struggling hardware business could, however, see improvement in the first half of next year, driven by the growth in engineered systems, notably Exadata, J.P. Morgan Securities analyst John DiFucci said.
Oracle's Exadata segment includes products that combine its hardware and software components to increase computing speed and reduce storage requirements. The company expects its engineered systems segment to contribute over $1 billion this year.
Shares of the company rose 2 percent to $32.94 in early trading on the Nasdaq on Friday.
(Reporting by Neha Alawadhi in Bangalore; Editing by Saumyadeb Chakrabarty)
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