Oracle's Revenue Exceeds Estimates on Surging Cloud Demand
- Stock rises as much as 12 percent in after-hours trading
- Company says sales for new services rose 58 percent in period
Oracle Sees Fourth Straight Quarter of Revenue Gains
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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.