Analysts are starting to think that Oracle's better-than-expected results and quarterly revenue outlook means that the outfit is on track to revive growth curtailed this year by slow IT spending.

Bernstein analyst Mark Moerdler said the company appeared to be getting its act together. Oracle has been dealing with tougher competition by rolling out its own cloud-based products while President Mark Hurd has hired new sales people and created sales teams aimed at going after specific cloud competitors.

Chief Financial Officer Safra Catz said that current-quarter revenue would grow between 3 percent and 7 percent in constant dollars, equivalent to between $9.2 billion and $9.6 billion. She said she expects current quarter EPS between 68 cents and 72 cents.