Oracle (NYSE:ORCL)’s shares pulled back slightly during the quarter due to modestly disappointing results in its cloud business. Even after the pullback, the shares remain strong performers for the year. We continue to believe that Oracle will successfully transform its business, much like Microsoft did, into a more robust subscription-based business. In the meantime, in our view the stock remains inexpensive.
From Yacktman Fund (Trades, Portfolio)s' fourth quarter 2017 shareholder letter.
