Oracle beats quarterly profit estimates on cloud services boost

Oracle Corp beat Wall Street estimates for second-quarter profit and revenue on Thursday, as remote work trends boosted cloud product and software licensing sales.
The company beefed up its cloud services during the quarter as people continue to work remotely, which helped it strengthen its position against larger rivals Microsoft and Amazon.com’s cloud offerings.

Net income rose to $2.44 billion, or 80 cents per share, in the second quarter ended November 30, from $2.31 billion, or 69 cents per share, a year earlier.

Excluding items, Oracle earned $1.06 per share, topping market expectations of $1 per share, according to IBES data from Refinitiv.

Total revenues rose 2% to $9.8 billion. Analyst’s were expecting revenue of $9.79 billion. Reuters