Oracle's Cloud Business Shows Momentum as Sales, Profit Beat
- Revenue rises for a third quarter after year of declines
- Netsuite deal helps bolster sales of software-as-service
Breaking Down Oracle's Third-Quarter Earnings Report
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Oracle Corp. posted third-quarter revenue and profit that topped analysts’ estimates, signaling growing demand for the software maker’s cloud-based services that compete with Amazon.com Inc. and Salesforce.com Inc.
Profit before certain items was 69 cents a share, compared with an average estimate of 62 cents. Adjusted sales rose 2.9 percent to $9.27 billion in the period that ended Feb. 28, the Redwood City, California-based company said Wednesday in a statement. On average, analysts had projected $9.26 billion, according to data compiled by Bloomberg.