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

FILE PHOTO: The Oracle logo is shown on an office building in Irvine, California, U.S. June 28, 2018. REUTERS/Mike Blakesignaled 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 companies looking to extend it till the next year, benefiting cloud companies that support this move. It comes at a time when Oracle has been pushing into the cloud business that helps companies save cost by renting data centers rather than owning them.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, Oracle earned 93 cents per share, above market expectation of 86 cents per share.

Maybe they can explain why their backend of CUNY’s website is such a hunk of junk?

⚡️⚡️⚡️ Take down the CCP! Take down the CCP! Take down the CCP! Take down the CCP! 灭掉中国共产党！ 灭掉中国共产党！ 灭掉中国共产党！ 灭掉中国共产党！ 2020.9.11

ZiyanShaan

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oracle revenue beats as cloud business benefits from remote workBusiness software maker Oracle Corp beat quarterly revenue expectations on Thursday as more companies signed up for its cloud services and software to support their remote workforce amid the COVID-19 pandemic. And they terminated 250 employees
Source: Reuters - 🏆 2. / 97 Read more »

Stocks making the biggest moves after hours: Peloton, Oracle, Chewy & moreThese are the stocks posting the largest moves after hours Thursday. The fed throwing more 💰 at them
Source: CNBC - 🏆 12. / 72 Read more »

Meredith Corp. Weighs Split of Publishing, Local TV BusinessThe company is asking shareholders to vote on a charter amendment allowing for a 'tax efficient' separation of its businesses.
Source: THR - 🏆 411. / 53 Read more »

Oracle revenue beats as cloud business benefits from remote workBusiness software maker Oracle Corp beat quarterly revenue expectations on Thursday as more companies signed up for its cloud services and software to support their remote workforce amid the COVID-19 pandemic. And they terminated 250 employees
Source: Reuters - 🏆 2. / 97 Read more »

5 ways technology can help small businesses adapt to remote work - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »