Blaming disappointing revenue figures on unfavorable foreign exchange rates, Oracle revealed disappointing fourth quarter results in a Wednesday earnings report showing rapid growth in cloud services — but little else — as the legacy software business attempts to wean itself from licensing business models.

Oracle played defense in a release announcing the results, stressing the impact of a strengthening dollar by including additional accounting in constant currency. The company's revenue for the quarter that ended May 31 was $10.7 billion, down 5 percent from year prior (but up 3 percent in constant currency!). Quarterly non-GAAP profits of $3.5 billion, for 78 cents per share, missed the 86-cent consensus estimate from Thompson Reuters.

Without adjusting for the rising dollar, Oracle's only growth business units were cloud services and cloud infrastructure — numbers Oracle executives spared no effort in touting. Sales of cloud SaaS and PaaS services hit $416 million for the quarter, up 29 percent from the year prior. Cloud infrastructure as a service brought in revenue of $160 million, up 25 percent.

Even with that kind of growth, the license business remains core to Oracle, with cloud services accounting for a combined 5 percent of overall revenue and software license business accounting for 73 percent.

Oracle stock was down as much as 7 percent in after-hours trading Wednesday.