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Oracle beats quarterly revenue estimates as demand for its cloud services rises

1 week ago

(Reuters) -Oracle beat first-quarter revenue estimates on Monday, boosted by growing demand for its cloud offerings from companies deploying artificial intelligence.

Shares of the Austin, Texas-based company rose 5.2% in trading after the bell.

Oracle's push into the cloud computing market is showing promising results and the company has started narrowing the gap with market leaders Microsoft and Amazon Web Services.

CEO Safra Catz said in June that she expected each successive quarter to grow faster than the previous one for the company as Oracle Cloud Infrastructure (OCI) capacity increases to meet demand.

Revenue at Oracle's largest unit, cloud services and license support, rose to $10.52 billion in the first quarter from $9.55 billion a year earlier.

Revenue for the quarter stood at $13.31 billion, compared with analysts' estimates of $13.23 billion, according to LSEG data.

(Reporting by Juby Babu in Mexico City; editing by Alan Barona)

Source: finance.yahoo.com

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