Oracle (ORCL) reported disappointing third-quarter earnings late Wednesday as growth of new software licenses and cloud subscriptions slowed.

The Redwood Shores, Calif.-based software maker reported net income of $2.5 billion, or 53 cents a share, compared with a year-earlier profit of $2.49 billion, or 49 cents.

Excluding one-time items, Oracle said it earned 65 cents, missing average analyst estimates in a Thomson Reuters poll by a penny.

Revenue for the three-month period fell 1% to $9 billion, short of the Street’s view of $9.38 billion. The results were hurt by a 2% decline to $2.3 billion in new software licenses and cloud software subscriptions.  

Shares of Oracle fell more than 6% to $33.54 after hours.

Oracle CEO Safra Catz was nevertheless optimistic, noting non-GAAP operating margin increased to a third-quarter record of 47% and the company expects to reach an all-time high for the fiscal year.

“The Oracle Cloud is the most robust and comprehensive cloud platform available,” said Oracle President Mark Hurd. "In Q3, our SaaS revenue alone grew well over 100% as lots of new customers adopted our sales, service, marketing and human capital management applications in the Cloud."

Oracle’s results come a day after rival Adobe (ADBE) reported stronger-than-expected first-quarter earnings and touted strong growth in its cloud.

Follow Jennifer Booton on Twitter at @Jbooton