© 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.
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