Oracle Corp. reported profit that topped estimates and posted strong gains in revenue from cloud-based businesses, signaling that it’s making progress in the transition away from traditional software. The shares rose the most in more than a year.
Profit, excluding some items, was 64 cents a share in the period that ended Feb. 29, surpassing analysts’ average projections by 2 cents. Sales of key cloud-based products exceeded the company’s outlook and Co-Chief Executive Officer Safra Catz said growth rates could rise further.
