Oracle Posts Better-Than-Expected Profits on Cloud Software Sales
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Business software maker Oracle Corp reported a better-than-expected quarterly profit, helped by strong sales from its cloud services.
The company's shares were up 2 percent at $39.70 in extended trading on Wednesday.
Oracle, like other established tech companies, has been moving its business to the cloud-based model, essentially providing services remotely via data centres rather than selling installed software.
Revenue from company's cloud-computing software and platform service rose 34 percent to $484 million in the second quarter ended Nov. 30.
Total revenue fell 6.3 percent to $8.99 billion, missing analysts average estimate of $9.06 billion, according to Thomson Reuters I/B/E/S.
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Oracle's net income fell to $2.2 billion, or 51 cents per share, from $2.5 billion, or 56 cents per share, a year earlier.
Excluding items, it earned 63 cents per share, beating average analysts' estimate of 60 cents per share.
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Up to Wednesday's close, Oracle's stock had fallen 13.5 percent this year.
© Thomson Reuters 2015
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