Cloud service demand helps Oracle beat profit, revenue expectations

© Reuters. FILE PHOTO: The Oracle logo is shown on an office building in Irvine, California, U.S. June 28, 2018. REUTERS/Mike Blake

(Reuters) – Oracle Corp (NYSE:) beat Wall Street estimates for fourth-quarter revenue and profit on Tuesday, steered by demand for its cloud services as people continued to work remotely.

Oracle’s cloud platform, which competes with Microsoft (NASDAQ:) Azure and Amazon (NASDAQ:) Web Services, has benefited from businesses opting for hybrid-work models.

The company has also been setting up more data centers to assist businesses as they expand operations, helping it beef up its cloud offerings and add customers.

Revenue at Oracle’s largest unit, cloud services and license support, rose 8% to $7.39 billion during the quarter, slightly above analysts’ expectations. The company’s shares were down 1% in extended trading.

Net income rose to $4.03 billion, or $1.37 per share, from $3.12 billion, or 99 cents per share, a year earlier.

Excluding items, Oracle earned $1.54 per share, topping analysts’ expectations of $1.31 per share.

Total revenue rose 8% to $11.23 billion in the quarter ended May 31. Analysts were expecting revenue of $11.04 billion, according to IBES data from Refinitiv.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  GM issues new recall for nearly 69,000 Bolt EVs for fire risks

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here