Oracle Corp beat Wall Street estimates for fourth-quarter revenue on Tuesday, helped by its cloud product and software licensing sales as people worked remotely.
Oracle’s cloud platform, which competes with Microsoft’s Azure and Amazon Web Services, has benefited from businesses opting for hybrid-work models.
Total revenue rose 8% to $11.23 billion in the quarter ended May 31. Analysts were expecting revenue of $11.04 billion, according to IBES data from Refinitiv.
Revenue at Oracle’s largest unit, cloud services and license support, rose 8% to $7.39 billion during the quarter.
Net income rose to $4.03 billion, or $1.37 per share, from $3.12 billion, or 99 cents per share, a year earlier.
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