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Cloud service demand helps Oracle beat profit, revenue expectations

Cloud service demand helps Oracle beat profit, revenue expectations

The Oracle logo is shown on an office building in Irvine, California, on Jun 28, 2018. (Photo: REUTERS/Mike Blake)

NEW YORK: Oracle beat Wall Street estimates for fourth-quarter revenue and profit on Tuesday (Jun 15), steered by demand for its cloud services as people continued to work remotely.

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

The company has also been setting up more data centres 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 per cent to US$7.39 billion during the quarter, slightly above analysts' expectations. The company's shares were down 1 per cent in extended trading.

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

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

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

Source: Reuters/ec

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