"Oracle is the only company on the planet that can deliver a complete, integrated, standards-based suite of services at every layer of the cloud. Those technology advantages enable us to be much more cost-effective than our competitors. Our new Archive Storage service goes head-to-head with Amazon Glacier and it's one-tenth their price," company Chairman Larry Ellison said in a statement announcing the expansion.
Amazon Web Services leads the market in offering customers cloud computing capabilities. Amazon is followed by the Azure service provided by Microsoft (MSFT) and International Business Machines (IBM), FoxBusiness.com reports.
"Oracle is growing really fast. We sold $426 million worth of business in SaaS and PaaS last quarter, a 200% increase over the same quarter last year. That's an industry record, no company has ever sold that much in just one quarter," Ellison said.
Shares of Oracle are up by 0.22% to $41.60 in pre-market trading on Tuesday morning.
Separately, TheStreet Ratings team rates ORACLE CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate ORACLE CORP (ORCL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."