Oracle beats Wall Street
 

Thanks to cloud and software licensing

Oracle beat Wall Street estimates for second-quarter profit and revenue on Thursday, as remote work trends boosted cloud product and software licensing sales.

Over the second quarter Oracle increased its cloud services as people continued to work remotely. This helped it strengthen its position against larger rivals Microsoft and Amazon.com’s cloud offerings.

Net income rose to $2.44 billion in the second quarter ended November 30, from $2.31 billion a year earlier.

Total revenues rose two percent to $9.8 billion. Analysts were expecting revenue of $9.79 billion.

Oracle Chief Executive Safra Catz said: “Our highly profitable multibillion-dollar Fusion and NetSuite Cloud ERP applications businesses grew revenue 33 percent and 21 percent in Q2. These two strategic cloud-applications businesses are major contributors to Oracle’s increased operating earnings and consistent earnings-per-share growth.”

https://fudzilla.com/news/52041-orac...ts-wall-street