Oracle Corp’s (ORCL.N) quarterly sales fell a bigger-than-expected 1.7 percent, hurt by a strong dollar and as the rapid shift by customers to lower-margin cloud-based software failed to make up for waning sales of traditional packaged software.

The company’s revenue declined to $8.45 billion in the first quarter ended Aug. 31 from $8.60 billion a year earlier.

Analysts on average were expecting revenue of $8.53 billion, according to Thomson Reuters I/B/E/S.

Oracle’s net income fell to $1.75 billion, or 40 cents per share, from $2.18 billion, or 48 cents per share.

(Reporting by Abhirup Roy in Bengaluru; Editing by Savio D’Souza)

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