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

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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 and sending its shares up 5% on Thursday.

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.

 

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