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Oracle revenue, profit beat as cloud business benefits from remote work

Oracle Corp signaled a recovery in client spending as remote work spurred demand for cloud services as well as traditional licensing business, helping it beat expectations for first-quarter results

Topics
Oracle | Cloud computing

Reuters 

US tech giant Oracle Corp
US tech giant Oracle Corp. Photo: Reuters

(Reuters) - Corp signaled a recovery in client spending as remote work spurred demand for cloud services as well as traditional licensing business, helping it beat expectations for first-quarter results and sending its shares up 5% on Thursday.

The COVID-19 pandemic has led to a rapid shift to remote work with looking to extend it till the next year, benefiting cloud that support this move.

It comes at a time when has been pushing into the cloud business that helps save cost by renting data centers rather than owning them.

Revenue from its largest the unit, that includes its cloud services, rose 2.1% to $6.95 billion.

Total revenue rose 1.6% to $9.37 billion, beating analysts' average estimate of $9.19 billion, according to IBES data from Refinitiv.

The company's net income rose to $2.25 billion, or 72 cents per share, in the first quarter ended Aug. 31, from $2.14 billion, or 63 cents per share, a year earlier.

On an adjusted basis, earned 93 cents per share, above market expectation of 86 cents per share.

 

(Reporting by Neha Malara in Bengaluru; Editing by Arun Koyyur)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, September 11 2020. 08:25 IST
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