Oracle Revenue Blows Away Estimates on Surging Cloud Demand

June 23, 2017 Off By Hoofer

Grazed from MSPMentor. Author: Brian Womack.

Oracle Corp.’s push into cloud computing is picking up momentum, sparking a fourth straight quarter of revenue gains for the software maker. The company, which set a record closing high Wednesday for its shares, reported total sales that easily topped analysts’ estimates. Oracle’s cloud businesses grew 58 percent in the fiscal fourth quarter.

Meanwhile, new software licenses, a measure that’s tied to the company’s traditional on-premise software offerings, declined 5 percent compared with a drop of 16 percent in the previous period. Oracle’s long shift to the cloud, which lets customers access services without installing them on their own computers, is now producing more sturdy growth, indicating that the company can compete against rivals such as Inc. and Microsoft Corp…

It benefited in particular with applications that help companies in areas such as human resources, customer relationship management and financials…

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