#cloud-revenue

#cloud-revenue

Chief financial officer Amy Hood said: "This quarter, roughly half of our spend was on short-lived assets, primarily GPUs [graphics processor units] and CPUs [central processor units], to support increasing Azure platform demand, growing first-party apps and AI solutions, accelerating R&D by our product teams, as well as continued replacement for end-of-life server and networking equipment." There is also longer term expenditure, which includes $11bn of finance leases that are primarily for large datacentre sites.

Oracle has appointed two new co-CEOs, as part of a succession plan put into motion months ago. Business Insider reported in June that Oracle had promoted cloud boss Clay Magouyrk and head of industries Mike Sicilia to the title of "president" as part of a succession plan, citing SEC filings and people familiar with the plans. Safra Catz, CEO since 2014, will become executive vice chair of the company's board of directors, the company announced. Larry Ellison, cofounder and former CEO, will continue as chief technology officer and executive chairman.

Our downgrade looks pretty foolish right now. No need to hide from it. The company subsequently put up one of its best quarters in recent memory.