NEW YORK ( TheStreet) -- Last week, there were many who quick to count out Oracle ( ORCL) after the database giant reported disappointing fiscal fourth-quarter earnings results, which sent its stock plummeting 9%.Oracle's miss came as a surprise. The company's fourth quarter had previously been referred to as the "magic of May." The company had posted performance that was consistently solid. This time was different. Even more disappointing, it was the company's second consecutive miss. I'm not going to deny that Oracle's results were not up to the company's usual standards. But Oracle's management didn't try to pretend as if the quarter was more than it was. Nor did management show any signs of panic, having seen it coming. What was also clear during the conference call was that management sees the future and still has a solid pulse on this company's direction. Last year, Larry Ellison, Oracle's CEO, first offered a glimpse of Oracle's cloud direction when he spoke at Oracle's OpenWorld Conference in San Francisco. In that hour-long keynote, Ellison announced four key initiatives to strengthen Oracle's SaaS (software as a service) position against the likes of SAP ( SAP) and Salesforce.com ( CRM).