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Oracle sees increased demand for cloud services

by on11 September 2020

Beat expectations is cool for Catz

Oracle beat expectations for what the cocaine nose jobs of Wall Street expected from its first quarter results and sending its shares up five percent on Thursday.

Oracle has been pushing into the cloud business and revenue from its largest the unit, that includes its cloud services, rose 2.1 percent to $6.95 billion.

Total revenue rose 1.6 percent to $9.37 billion, beating analysts’ average estimate of $9.19 billion.

The company’s net income rose to $2.25 billion, in the first quarter ended August 31, from $2.14 billion a year earlier.

On a conference call, Oracle Chief Executive Safra Catz forecast fiscal second quarter adjusted earnings of $9.62 billion to $9.81 billion. Analysts had predicted a revenue of $9.58 billion.

“Our infrastructure businesses are also growing rapidly as revenue from Zoom more than doubled from Q4 last year to Q1 in this year. I have a high level of confidence that our revenue will accelerate as we move on past COVID-19”, Catz said.

Last modified on 11 September 2020
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