Oracle is planning to expand its cloud business outside its domestic market of the United States and is consequently looking to hire an extra 1,000 employees to help in the effort. In a statement, the enterprise software maker revealed that it would be hiring in Africa, Middle East and Europe as it expands its cloud computing service offerings to other parts of the world.
“Our cloud business is growing at incredible rates, so now is the right time to bring in a new generation of talent,” Oracle Cloud’s vice president in the Europe, Middle East and Africa region, Tino Scholman, said.
The kind of employees that Oracle is looking to hire include those in such fields as human resources, marketing, recruitment, finance, management and sales. Applicants should have years of experience ranging between two and six. Currently Oracle has a workforce of 51,000 in the United States and 85,000 across the globe.
The expansion effort comes at a time when cloud computing is offering technology firms a new line of growth as business organizations get rid of expensive software and hardware and instead choose to access it on the cloud. According to IDC, a research firm, public cloud spending will increase by 27% per year by 2020. Besides Oracle some of the other cloud computing services providers that are benefitting from this trend include Alibaba, Microsoft, Amazon and Alphabet.
In its fourth quarter results, revenues from Oracle’s cloud business increased by 58% to reach a level of $1.4 billion. Sales from the cloud business were approximately 12% of Oracles total sales. In the EMEA region where Oracle is hiring employees, cloud business sales were 28% of the total sales. The rest of the sales fell by 2% though as customers shifted to the cloud.
Oracle’s earnings per share exceeded estimates when they came in at 89 cents compared to forecasts of 78 cents. Sales also increased by 2.8% compared to a similar period a year ago. The consensus estimates for sales was $10.5 billion but the actual sales figure was $10.9 billion.
According to Oracle’s chief executive officer, Safra Catz, the strong quarter was as a result of Oracle Cloud being rapidly adopted as the firm’s Software as a Service business grew by 75%. Catz also revealed that the rapid growth was also helping in the expansion of operating margins and this would likely result in growth in earnings per share in the next financial year.