REUTERS: Oracle Corp beat fourth-quarter revenue and profit estimates on Wednesday, as the business software maker benefited from demand for its on-premise IT, cloud services and license support businesses, sending its shares up as much as 7per cent in extended trading.
Revenue from its cloud license and on-premise license businesses rose 12per cent to US$2.52 billion from US$2.25 billion, above analysts' estimates of US$2.31 billion, according to IBES data from Refinitiv.Revenue from the cloud services and license support business, its biggest, rose marginally to US$6.80 billion. Analysts on average had expected revenue of US$6.79 billion.
"Our high-margin Fusion and NetSuite cloud applications businesses are growing rapidly, while we downsize our low-margin legacy hardware business," said Chief Executive Officer Safra Catz. The company's net income rose to US$3.74 billion, or US$1.07 per share, in the fourth quarter ended May 31, from US$3.28 billion, or 79 cents per share, a year earlier.AdvertisementSource: Reuters