The strengthening of the U.S. dollar compared to foreign currencies had a significant impact on Oracle Corporation  2016 Q2 results with total revenues down 6% at US$9 billion. Cloud plus On-Premise software revenues were US$7 billion, down 4% in U.S. dollars and up 2% in constant currency.

Oracle CEO, Mark Hurd noted that it was a strong growth quarter for the cloud business, with SaaS and PaaS bookings up 75% in constant currency and billings up 68% in U.S. dollars. “We now have more than 1,500 ERP customers in the cloud – that’s at least ten times more ERP customers than Workday.”

Total Cloud revenues grew by 26% to US$649 million. Cloud software as a service (SaaS) and platform as a service (PaaS) revenues also grew to US$484 million, a 34% rise in U.S. dollars and up 39% in constant currency. Cloud infrastructure as a service (IaaS) revenues were US$165 million, up 7% in U.S. dollars and up 11% in constant currency.

“We are still on-target to sell and book more than US$1.5 billion of new SaaS and PaaS business this fiscal year,” said Oracle Executive Chairman and CTO Larry Ellison. “That is considerably more SaaS and PaaS new business than any other cloud services provider including”

Total On-Premise Software Revenues were US$6.4 billion, down 7% in U.S. dollars and unchanged in constant currency. Total Hardware Revenues were US$1.1 billion, down 16% in U.S. dollars and down 10% in constant currency. Total Services Revenues were US$861 million, down 8% in U.S. dollars and unchanged in constant currency.

Operating Income was US$3 billion and Operating Margin was 33% while Net Income was US$2.2 billion.

Short-term deferred revenues were US$7 billion, up 3% in U.S. dollars and up 9% in constant currency compared with a year ago. Operating cash flow on a trailing twelve-month basis was US$12.9 billion.