Oracle released the earnings results from its fourth fiscal quarter of 2015 after closing bell tonight. The company posted non-GAAP earnings of 78 cents per share on revenue of $10.7 billion. Analysts had been looking for earnings of 87 cents per share on $10.95 billion in revenue.

Oracle Corporation Earnings Disappoint Due To Currencies

Key metrics from Oracle’s earnings report

Oracle said its earnings were “significantly impacted” by currency headwinds. GAAP earnings were 62 cents per share, which was a 23% decline overall and a 12% decline in constant currency.

The company’s revenue declined 5% overall but increased 3% in constant currencies. Revenue from Software and Cloud declined 6% but rose 2% on a constant currency basis to $8.4 billion. Cloud software-as-a-service and platform-as-a-service recorded revenue of $416 million, a 29% growth rate but 35% growth in constant currency.

Revenue from Cloud infrastructure-as-a-service increased 25% (or 31% in constant currency) to $160 million. Revenues from Hardware systems declined 4% but rose 5% in constant currency to $1.4 billion.

“We sold an astonishing $426 million of new SaaS and PaaS annually recurring cloud subscription revenue in Q4,” Oracle CEO Safra Catz said in a statement. “We expect our rapidly increasing cloud sales to quickly translate into significantly more revenue and profits for Oracle Corporation. For example, SaaS and PaaS revenues grew at a 34% constant currency rate in our just completed Q4, but we expect that revenue growth rate to jump to around 60% in constant currency this new fiscal year.”

Oracle had guided for $300 million in new SaaS and PaaS annually recurring cloud subscription revenue.

The company also reported $7.2 billion in short-term deferred revenues.

Oracle provides guidance

In the 2016 fiscal year, Oracle Executive Chairman and CTO Larry Ellison said they expect to sell between $1.5 billion and $2 billion in new SaaS and PaaS business. He said this goal would put Oracle ahead of Salesforce’s current goal. Also the goal represents about a 60% growth rate in constant currency, whiles Salesforce is targeting a 20% growth rate.

Shares of Oracle plunged in after-hours trades, falling as much as 6.81% to $41.85 per share.