Oracle quarterly revenue brushes past estimates on strong cloud demand
Reuters
Published Mar 11, 2021 05:10
Updated Mar 11, 2021 05:35
(Reuters) - Business software maker Oracle Corp (NYSE:ORCL) reported a quarterly revenue on Wednesday that edged past analysts' estimates, helped by strong demand for its cloud computing and licensing services due to remote working.
The company, which counts Zoom Video Communications (NASDAQ:ZM) Inc and fast-food chain McDonald's Corp (NYSE:MCD) as its customers, has been bolstering its cloud infrastructure spurred by the pandemic as people work remotely and businesses shift their operations to the cloud.
Revenue rose to $10.09 billion from $9.8 billion during the third quarter ended Feb. 28, compared with analysts' estimates of $10.07 billion, according to IBES data from Refinitiv.
Oracle reported a net income of $5.02 billion, or $1.68 per share, in the quarter, compared with $2.57 billion, or 79 cents per share, a year earlier.
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Written By: Reuters
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