:Cloud and enterprise software firm Oracle Corp topped Wall Street estimates for fourth-quarter revenue on Monday, with more businesses increasing spending on cloud as they transition to a hybrid work environment.
Shares in the Austin, Texas-based company, which have declined about 27 per cent so far this year, rose nearly 9 per cent in extended trade. Oracle's total cloud revenue, which includes its infrastructure-as-a-service and software-as-a-service businesses, rose 3 per cent to $7.61 billion. The company has been expanding its data center operations across the world as it seeks to capture a rising demand for cloud computing and enterprise software. Oracle is striving to increase its cloud regions, or geographical areas that allow customers to get faster access from a local data center, to better compete with firms such as Microsoft, Amazon.com and Alphabet Inc's Google.
Revenue for the quarter ended May 31 was $11.84 billion, compared with analysts' average estimate of $11.66 billion, according to IBES data from Refinitiv.