Oracle revenue beats 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 Blake

- 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 1.6% 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.

And they terminated 250 employees

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