Oracle (NYSE:ORCL) contributed, as well. We have spoken for some time about the company’s transition from selling traditional licenses to selling cloud-based software products. In the early stages, this transition diluted revenues because the company’s upfront license fees shrank before the stream of annual payments that would replace them had an opportunity to grow. The company’s most recent quarterly earnings report showed improving revenue growth as Oracle began to benefit from the layered annual payments it receives from its cloud-based business.
From First Eagle Global Value Fund first quarter 2017 commentary.
