CEO Mark Hurd of enterprise software and technology company Oracle Corp. (ORCL - Get Report) appeared on Thursday morning's Squawk Alley on CNBC to discuss how the company plans to tackle the competition and its growing cloud business.
In terms of competition, CNBC anchor Josh Lipton pointed out that the CEO once said Oracle will "catch and pass Salesforce" (CRM - Get Report) . Hurd explained that the Oracle simply has the most application offerings than any other company.
"We're competing in more categories," Hurd said. "Frankly we're competing in the biggest categories starting with ERP, then HR, as well as all of the suite of customer experience opportunities."
In the fourth quarter Oracle saw a more than 40% year over year growth in its cloud bookings to 855 million.
"It was a good quarter and part of a really good year for us and it really was broad-based across multiple geographies, multiple product lines, we had very strong bookings in ERP which is very important, if you will the largest software applications category," Hurd said.
Hurd explained that a "huge" part of the company's strategy is to ensure that customers don't need to buy from multiple cloud companies if they don't want to.
"The fact that you can have not just great applications, but a suite of those great applications that work together is a big part of our strategy," the CEO noted.
Oracle's shares rose 8.9% to $50.48 early Thursday afternoon.
What's Hot On TheStreet
Tesla still doesn't deserve it valuation: Tesla (TSLA - Get Report) fanboys have just gained their daily pound of flesh. The electric car company has reportedly reached a deal with officials in China to open a production facility in the world's biggest clean-energy car market. The deal would likely allow it to form a joint-venture with a China-based partner and avoid the 25% tariff applied to imported vehicles. The move would also substantially cut shipping and production costs when compared to Tesla's facility in Nevada, TheStreet's Martin Baccardax reports.
Tesla is now valued at an insane $61 billion...and counting.
What was this Kroger exec drinking: Maybe this Kroger (KR - Get Report) fella has been up too late studying the aftershocks of Amazon's (AMZN - Get Report) big deal for Whole Foods (WFM) . "I'm glad their stores are finally open," Kroger CFO Michael Schlotman said about German rival Lidl at Oppenheimer's Consumer Conference Wednesday. Schlotman said he is excited, in fact he feels "great about it," to finally start seeing if the preparations Kroger put in place to compete with Lidl will stand the heat. TheStreet's Lindsay Rittenhouse was all over this bizarre exchange.
Having your profit margins crushed by a ruthless German grocer shouldn't be exciting, Kroger.
Don't forget about Intel: Advanced Micro Devices (AMD - Get Report) may beat Intel Corp. (INTC - Get Report) to selling the fastest computer chip this year, but the technology giant is working on other projects that are pushing the limits.
From artificial intelligence to drones, Intel is working to connect everything to the internet to collect data that can be used to improve safety, efficiency and lifestyles. Whether it is helping athletes perform better or making cars autonomous, Intel's technology is working to transform multiple industries. Here's 11 cool projects Intel is working on that investors seem to have forgotten about.
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