Oracle quarterly revenue beats estimates on strong cloud demand By Reuters

(Reuters) – Oracle Corp (NYSE:ORCL) beat Wall Street estimates for fourth-quarter revenue on Tuesday, helped by its cloud product and software licensing sales as people worked remotely.

Oracle’s cloud platform, which competes with Microsoft (NASDAQ:MSFT)’s Azure and Amazon (NASDAQ:AMZN) Web Services, has benefited from businesses opting for hybrid-work models.

Total revenue rose 8% to $11.23 billion in the quarter ended May 31. Analysts were expecting revenue of $11.04 billion, according to IBES data from Refinitiv.

Revenue at Oracle’s largest unit, cloud services and license support, rose 8% to $7.39 billion during the quarter.

Net income rose to $4.03 billion, or $1.37 per share, from $3.12 billion, or 99 cents per share, a year earlier.