But the tech company and other established peers face a "structural change" as they shift to cloud offerings, said Charles Phillips, CEO of computing company Infor and a former Oracle president. They have to deal with losing sales of hardware like servers and databases that cloud systems no longer need, he said.
"You don't need all these individual infrastructure devices anymore. You've got this other business that's going to shrink for years to come," Phillips said in an interview with CNBC's "Squawk Alley."
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Oracle's hardware systems revenue was $1.4 billion in the quarter, down 4 percent from the year-earlier period. Its total cloud revenue, however, grew 28 percent.
The industry transition will challenge the company moving forward regardless of "painful" currency fluctuations, Phillips said.
Oracle shares were down more than 5 percent midafternoon Thursday.