Oracle (NYSE: ORCL) reported solid results in its first fiscal quarter. On a constant currency basis (without foreign currency effects), its cloud infrastructure revenue increased 58% year over year, and cloud application revenue jumped 48%.

In addition to the impressive cloud business growth, Oracle's founder and chairman, Larry Ellison, delivered some shocking news. Here's what it could mean for investors.

Oracle has long been a leader in enterprise resource planning (ERP) software, which handles complex functions like accounting, project management, compliance, and supply chain operations for big companies. Oracle was a latecomer to the cloud transition, but its grip on the ERP market remains firm.

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Source Fool.com