16 March, 2017
Cloud Computing Growth Lifts Oracle’s Profits, And Its Shares
Rapid growth in cloud computing revenues helped lift Oracle Corp.’s fortunes in its third fiscal quarter reported today, as its profits easily beat forecasts on a 2 percent rise in revenues.
The Silicon Valley software giant reported a profit of 69 cents a share before certain costs such as stock compensation, up 7 percent from a year ago. Sales rose 2 percent, to $9.2 billion, or $9.3 billion after backing out the impact of foreign exchange rates.