BREAKING NEWS

Oracle quarterly results beat on strength in cloud business

Oracle quarterly results beat on strength in cloud business
FILE PHOTO: People gather prior to the start of a keynote speech at the All Things Oracle OpenWorld Summit in San Francisco, California September 24, 2013. REUTERS/Jana Asenbrennerova -
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Jana Asenbrennerova(Reuters)
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(Reuters) – Business software maker Oracle Corp <ORCL.N> beat Wall Street estimates for quarterly results on Monday, as it added more clients to its cloud services and license support business, sending its shares up nearly 4 percent in extended trading.

Revenue from the unit, its biggest, rose 2.7 percent to $6.64 billion, as more companies shifted to cloud computing from the traditional on-premise model to cut costs.

Analysts on average were expecting a revenue of $6.62 billion, according to IBES data from Refinitiv.

Oracle, a late entrant to the rapidly growing cloud-based software business, has aggressively stepped up its efforts to catch up with rivals such as Amazon.com Inc <AMZN.O>, Microsoft Corp <MSFT.O> and Salesforce.com Inc <CRM.N>.

The company’s net income rose to $2.33 billion, or 61 cents per share, in the second quarter ended Nov. 30, from $2.21 billion, or 52 cents per share, a year earlier.

Excluding items, the company earned 80 cents per share, beating the average analyst estimate of 78 cents per share.

Total revenue fell to $9.56 billion from $9.59 billion, but beat analyst expectation of $9.52 billion.

Shares of Oracle, which have lost nearly 4 percent this year, rose to $47.35 in after-market trading.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur)

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