Oracle (ORCL) guides on its FQ4 call for FQ1 revenue growth of 2%-5% and constant currency EPS of $0.56-$0.59; that compares with a consensus of 4.5% rev. growth and non-constant-currency EPS of $0.58. Software license/cloud subscription rev. growth is forecast at -1% to +7%, and hardware product growth at -6% to +2%; the latter is much better than FQ4's -13%, but aided by easier comps. Engineered systems now make up over 1/3 of hardware sales. Mark Hurd names dozens of major cloud customer wins, and claims Oracle's cloud HR business is bigger than Workday's (WDAY). But what does that say about traditional software sales, in light of the total license numbers? ORCL -8% AH. SAP -1%.