You can't look to a bloated company like Oracle and expect to see cloud uptake reflected in their numbers. Good cloud services are growing very quickly, but those with stupid licensing agreements (see Oracle databases on Cloud) are not.
When you have to pay licenses per physical processor to host a database, and your virtual processor can be mapped to any one of thousands of physical processors in the AWS data center, then the licensing implications are large and quite frankly, ludicrous.
Oracle may never really become obsolete, but they're doing their best to shoot themselves squarely in the foot.
As an aside, take a look at the Australian market and look at cloud uptake in DDR, DTL, RHP and the like.
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