Oracle revenue beats as cloud business benefits from remote work

(Reuters) – Business software maker Oracle Corp (ORCL.N) beat quarterly revenue expectations on Thursday as more companies signed up for its cloud services and software to support their remote workforce amid the COVID-19 pandemic.

Total revenue rose 1.6% to $9.37 billion, beating analysts’ average estimate of $9.19 billion, according to IBES data from Refinitiv.

The company’s net income rose to $2.25 billion, or 72 cents per share, in the first quarter ended Aug. 31, from $2.14 billion, or 63 cents per share, a year earlier.


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