In an interview with CNBC's Jim Cramer, Oracle CEO Safra Catz, expounded on the enterprise software company's cloud business, and noted that the company is booking billion-dollar deals.
Oracle saw its stock fall 12%, its steepest drop since 2002, after it reported first-quarter earnings last week and gave weaker-than-expected guidance for its second quarter.
The company recently announced it would be putting its database hardware inside the data centers of Microsoft 's cloud unit Azure.
"We're just rolling out and filling those data centers and, [it] costs a lot.
Catz also said Oracle's acquisition of Cerner, an electronic health record software company, will create payoffs down the line.
Persons:
CNBC's Jim Cramer, Safra Catz, Catz
Organizations:
Oracle, Microsoft, that's
Locations:
Cerner