Oracle beats quarterly profit estimates on cloud services boost
Tweet
Share
E-mail
FILE PHOTO: The Oracle logo is shown on an office building in Irvine, California, U.S. June 28, 2018. REUTERS/Mike Blake/File Photo
(Reuters) - 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.
(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Humana surges: Barclays bets big on Medicare star ratings rebound
- B. Riley’s Top Biotech Picks Ahead of 3Q26 Earnings Season
- Investing.com’s stocks of the week
Create E-mail Alert Related Categories
General News, ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
