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Oracle Cloud Growth Shows Promise as Company Tops Estimates

  • Provider also unveils customer-purchasing service, memo shows
  • Company reports key products expanded sales by 57 percent
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Oracle Reaps Rewards of Long-Term Cloud Investments

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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.