Oracle Chairman and CTO Larry Ellison left little doubt over his feelings toward rival SAP, using a majority of his breath during the vendor’s latest earnings call with investors touting Oracle’s numerous customer “victories” over its German competitor. However, the diversion tactic failed to sway investors away from what was a disappointing quarter for the vendor.

After quickly thanking CEO Safra Catz for running through Oracle’s numbers, Ellison immediately went about targeting SAP, and specifically recent comments from SAP CFO Luka Mucic that his firm had “not lost a single ERP customer to Oracle.”

“In other words, after personally checking, SAP’s chief financial officer could not find a single example of an SAP ERP customer move into Oracle Fusion on ERP, not one. Perhaps he should have checked a little bit more carefully,” Ellison said, according to a Seeking Alpha transcript of the call.

Ellison said that Oracle in its most recent quarter “signed contracts totaling hundreds of millions of dollars to migrate several very large SAP [enterprise resource planning] customers to Oracle Fusion ERP.” He then “presented” a list of more than 100 companies and government agencies that “have already moved from SAP ERP to Fusion ERP or [are] currently in the process of doing so.”

And, in order to add emphasis to the list, he laid out a clear division of that list between customers that are moving their “entire company to the Fusion ERP suite, including core financials, it’s Oracle wall-to-wall,” and a second group that has just started deploying Fusion ERP applications and not moved all the way onto the Fusion ERP suite.

Ellison then read off the names of dozens of companies and organizations from the first list and dozens more from the second list, as well as a handful of unnamed companies and organizations that he said did not want to be named.

After running off that list of wins, Ellison humbly offered to “stop right there or I’ll take all of the time you won’t be able to ask Safra questions.” But, thankfully, that was not really the case as Ellison then made “one last point” as to why “so many customers are moving from” SAP to Oracle. Unfortunately, the answer was a bit of a letdown as Ellison only referred people to Gartner’s latest ranking of cloud database management systems that had Oracle occupying the second-most upper-right position in its “leaders” quadrant only outflanked by Amazon Web Services (AWS). Though he did provide at least another minute of commentary by taking digs at SAP’s demerits in that report.

Ellison’s strategy was perhaps smart as Oracle posted Q3 results that came in short of expectations.

Overall company revenues for the quarter were basically flat year over year at $10.1 billion. Those results were on the back of slight growth in its cloud-based offerings that were offset by declines in its hardware and services business.

Catz did note that Oracle is continuing to experience “capacity constraints for OCI cloud services as customer workloads expanded dramatically,” and that a number of the customer wins highlighted by Ellison “have some very large users coming online shortly that will require significant amounts of capacity.” As such, Oracle is planning to increase its opex and capex plans for its current Q4, which Catz said will suppress its operating margin for the quarter.

Oracle’s bottom line did benefit greatly from some income tax provisions that nearly doubled its net income for the quarter to $5 billion.

However, the flat revenues combined with modest growth expectations of just 1% to 3% for the current quarter cratered Oracle’s stock. Oracle shares had touched a new 52-week high of $73.62 per share leading up to the earnings release, highlighting investor expectations, but then traded down heavily most of day after the earnings were released, before settling at a 6.5% decline for the day.

“I think investors may be disappointed by guidance of 1%-3% sales growth in constant currency next quarter, which is a slight improvement to the current quarter, but not substantial,” Bloomberg Intelligence analyst Anurag Rana noted in a Bloomberg story. “While cloud wins from SAP were impressive, total revenue is not accelerating at a material pace.”