Oracle posts strong sales amid boom in cloud business
• Revenue of the company rose 5% to $11.84 billion in its fiscal fourth quarter
Oracle Corp (NYSE: ORCL) sales rose in the fourth quarter, as its cloud computing business flourished in the Covid-19 pandemic.
Revenue of the company rose 5% to $11.84 billion in its fiscal fourth quarter, compared to analysts’ expectations of $11.61 billion, according to FactSet.
Total cloud revenue grew 19% from a year earlier to $2.9 billion.
"These consistent increases in our quarterly revenue growth rate typically have been driven by our market leading Fusion and NetSuite cloud applications,” said CEO Safra Catz.
With digitization of everything during the pandemic, cloud computing business has been very beneficial to tech companies.
Oracle posted earnings of $3.19 billion, or $1.16 a share, compared with $4.03 billion in earnings, or $1.37 a share, a year earlier.
Picture Credits: Bloomberg News
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