Oracle Rises to Record as Cloud Services Finally Take Off
- Fast-growing market pits company against Amazon, Salesforce
- New offerings help offset declines in legacy software licenses
Oracle CEO Sees Cloud Infrastructure as a Big Opportunity
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Oracle Corp. shares soared to a record Thursday after the maker of database software signaled growing demand for cloud-based services that compete with Amazon.com Inc. and Salesforce.com Inc.
As it seeks to take on formidable rivals in the fast-growing market for cloud services, Oracle said revenue in that business grew 62 percent in the third quarter. Meanwhile, new software licenses, a measure that’s tied to Oracle’s traditional on-premise software offerings, declined 16 percent. Overall, the Redwood City, California-based company reported adjusted profit and sales in the quarter that beat analysts’ estimates.