Oracle Corp. reported second-quarter results on Thursday, as the IT-services cloud solutions player benefited from a rebound in tech spending from businesses that support hybrid work.
Shares of the company rose 5.1% in extended trading.
As the pandemic prompted more companies to move to hybrid work models, spending on cloud technology has soared, benefiting companies such as Oracle and Salesforce, Amazon.com Inc and Microsoft.
Revenue in Oracle’s cloud services and license support unit, its largest, rose to $7.55 billion from $7.11 billion a year ago.
The company has invested in its data centers in recent days to strengthen its cloud services operations and to acquire customers such as Deutsche Bank and Zoom Video Communications.
Oracle said it paid for a dispute-related decision https://www.reuters.com/legal/transactional/oracle-losses-bid-upend-hps-3-billion-win-2021-06-14 prior In relation to the employment of CEO Mark Hurd, that resulted in a third-quarter loss of $1.25 billion compared to a profit of $2.44 billion a year ago.
On an adjusted basis, the company earned $1.21 per share on revenue of $10.36 billion. Analysts were expecting profit of $1.11 per share and revenue of $10.21 billion, according to data from Refinitiv IBES.
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