Oracle revenue beats as cloud business benefits from remote work

📆 11/09/2020 01:24:00
📰 ChannelNewsAsia

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Business software maker Oracle Corp beat quarterly revenue expectations on Thursday as more companies signed up for its cloud services and ...

Business 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.

FILE PHOTO: The Oracle logo is shown on an office building in Irvine, California, U.S. June 28, 2018. REUTERS/Mike BlakeREUTERS: Business 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.

Total revenue rose 1.6per cent to US$9.37 billion, beating analysts' average estimate of US$9.19 billion, according to IBES data from Refinitiv.The company's net income rose to US$2.25 billion, or 72 cents per share, in the first quarter ended Aug. 31, from US$2.14 billion, or 63 cents per share, a year earlier.

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