Oracle CEO Larry Ellison has said that his company is "focused like a laser" on becoming the number one cloud company in software-as-a-service (SaaS) and Platform-as-a-Service (PaaS) segments after it revealed disappointing financials for its fourth fiscal quarter.

The California-based tech giant saw net profit for the quarter slide 4% year-on-year to $3.6 billion. Overall revenue rose 3% to $11.3 billion year-on-year, which was less than the average $11.48 billion predicted by Thomson Reuters I/B/E/S.

Oracle has been on a mission to grow its cloud business but goes up against an increasing number of cloud players including Salesforce.com and Workday Inc, which offer CRM and Human Capital Management services respectively.

Oracle grew Software and Cloud revenue 4% year-on-year to $8.9 billion. Of that, revenue from cloud services (made up of SaaS and PaaS sales) reached $327 million (growing 3% over 12 months) but accounted for just 4% of its overall revenue.

Clouded vision

On a conference call with analysts published on SeekingAlpha, Ellison outlined three reasons as to why he believes the company will achieve its goal.

He said: "First, we have the most complete and modern portfolio of SaaS products in the cloud. CRM sales, CRM service, marketing and human capital management, we have core human resources recruiting talent management and payroll.

"In ERP we have accounting, procurement, supply chain, project management and more, the most comprehensive suite of products in the cloud that far."

"Second, all of those SaaS applications run on the world's most powerful platform in the cloud, the Oracle in-memory, multi-tenant database and the world's most popular programming language, Java.

"Third, we have dramatically expanded, specialized and lined up our sales forces to sell SaaS and PaaS subscriptions against the new generation of cloud software competitors and its working."

Oracle is looking to boost its cloud portfolio with acquisitions and is currently mulling over buying Micros Systems, a provider of software and hardware to retail, restaurant and hospitality industries, including cloud-based workflow and customer service solutions.