Oracle beats quarterly profit estimates on cloud services boost
(Reuters) – Oracle Corp beat Wall Street estimates for second-quarter profit and revenue on Thursday, as distant work developments boosted cloud product and software program program licensing product sales.
The agency beefed up its cloud services by way of the quarter as people proceed to work remotely, which helped it strengthen its place in opposition to larger rivals Microsoft and Amazon.com’s cloud decisions.
Net earnings rose to $2.44 billion, or 80 cents per share, inside the second quarter ended November 30, from $2.31 billion, or 69 cents per share, a 12 months earlier.
Excluding objects, Oracle earned $1.06 per share, topping market expectations of $1 per share, consistent with IBES info from Refinitiv.
Total revenues rose 2% to $9.8 billion. Analyst’s had been anticipating revenue of $9.79 billion.
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