Oracle has reported that revenues for the last quarter of its 2015 financial year were down 5%, with revenues for the full year essentially unchanged.

The company reports that results were significantly impacted by the strengthening of the US dollar compared to foreign currencies. Total Q4 revenues were $10,7-billion, down 5% but would have been up 3% without the strengthening of the dollar. Software and cloud revenues were $8,4-billion, down 6%, but up 2% in constant currency.

Cloud software as a service (SaaS) and platform as a service (PaaS) revenues were $416-million, growing 29%, and up 35% in constant currency. Cloud infrastructure as a service (IaaS) revenues were $160-million, growing 25%, and up 31% in constant currency. Hardware Systems Revenues were $1,4-billion, down 4%, but up 5% in constant currency.

Q4 operating income was $4-billion, and the operating margin was 37%. Non-GAAP operating income was $5-billion, and the non-GAAP operating margin was 46%. Net income was $2,8-billion while non-GAAP net income was $3,5-billion. Earnings per share was $0.62, down 23%, and down 12% in constant currency, while non-GAAP earnings per share was $0.78, down 14%, and down 5% in constant currency.

For fiscal year 2015, total revenues were $38,2-billion, essentially unchanged, but up 4% in constant currency. Software and cloud Revenues were $29,5-billion, up 1%, and up 5% in constant currency. Cloud SaaS and PaaS revenues were $1,5-billion, up 32%, and up 35% in constant currency. Cloud IaaS revenues were $608-million, up 33%, and up 36% in constant currency. Total hardware system revenues were $5,2-billion, down 3%, but up 2% in constant currency.

Operating income was $13,9-billion, and the operating margin was 36%. Non-GAAP operating income was $17,4-billion, and non-GAAP operating margin was 45%. Net income was $9,9-billion, while non-GAAP net income was $12.5 billion. Earnings per share was $2.21, down 7%, but unchanged in constant currency. Non-GAAP earnings per share was $2.77 down 3%, but up 2% in constant currency.

“We sold an astonishing $426-million of new SaaS and PaaS annually recurring cloud subscription revenue in Q4,” says Oracle CEO Safra Catz. “We expect our rapidly increasing cloud sales to quickly translate into significantly more revenue and profits for Oracle. For example, SaaS and PaaS revenues grew at a 34% constant currency rate in our just completed Q4, but we expect that revenue growth rate to jump to around 60% in constant currency this new fiscal year.”

“Coming into Q4, we forecast selling $300-million of new SaaS and PaaS annual recurring revenue,” says Oracle CEO Mark Hurd. “We dramatically beat that forecast by selling a cloud industry all-time-record amount of $426-million of new SaaS and PaaS business. That is a year-over-year bookings growth rate of over 200%. As our multi-billion dollar cloud business gets bigger, our SaaS and PaaS revenue growth rates are on their way up to 60% in constant currency. Compare this to our primary cloud competitors’ whose own revenue growth forecasts are on their way down to 44% and 22%.”

“We expect to book between $1.5 and $2.0 billion of new SaaS and PaaS business this fiscal year,” says Oracle executive chairman and CTO Larry Ellison. “That means Oracle would sell more new SaaS and PaaS business than salesforce.com plans to sell in their current fiscal year – the only remaining question is how much more. Oracle’s planned SaaS and PaaS revenue growth rate is around 60% in constant currency; salesforce.com has a planned growth rate of around 20%. When you contrast those growth rates it becomes clear that Oracle is on its way to becoming the world’s largest enterprise cloud company.”