Oracle beats second-quarter estimates for IT spending recovery

FILE PHOTO: Company logo for Oracle Corp. displayed on a screen on the floor at the NYSE in New York
Company logo for Oracle Corp. is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS / Brendan McDermid / File Photo

December 9, 2021

(Reuters) – Oracle Corp reported positive second-quarter results on Thursday, as IT services moving to the cloud benefited from a rebound in technology spending from businesses looking to future work support.

Shares of the company rose 5.1% in extended trading.

As the pandemic has prompted many companies to switch to a hybrid working model, spending on cloud technology has increased, benefiting Oracle and companies like Salesforce, Inc and Microsoft.

Revenue at Oracle’s cloud services and license support unit, the largest, rose to $7.55 billion from $7.11 billion a year earlier.

The company has invested in its data centers in the recent past to strengthen its cloud services and attract customers like Deutsche Bank and Zoom Video Communications.

Oracle says it has paid for a settlement related to a dispute involving former CEO Mark Hurd’s employment, resulting in a third-quarter loss of $1.25 billion versus a profit of $2.44 billion. a year earlier.

On an adjusted basis, the company earned $1.21 per share on revenue of $10.36 billion. Analysts had expected profit of $1.11 per share and revenue of $10.21 billion, according to Refinitiv IBES data.

(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta) Oracle beats second-quarter estimates for IT spending recovery

Bobby Allyn

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