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Oracle Corp. reported quarterly revenue that topped analysts’ estimates and projected rising sales, in a sign of greater demand for its cloud-computing services while businesses are working remotely during the coronavirus pandemic.
Fiscal first-quarter sales rose 1.6% to $9.37 billion, the Redwood City, California-based company said in a statement last week. Analysts, on average, estimated $9.19 billion, according to data compiled by Bloomberg. Oracle’s revenue had declined 6% year-over-year in the previous three-month period. Oracle’s software products include Oracle NetSuite, its suite of ecommerce and enterprise resource planning software for small and midsized businesses, including manufacturers, distributors and retailers.
CEO Safra Catz projected revenue in the current quarter will climb 1% to 3% from a year earlier. Analysts anticipated no sales growth.
Catz and executive chairman Larry Ellison have tried to revamp Oracle’s business model for a new era of computing, in which software is delivered through the internet rather than shipped in boxes on discs. Thursday’s results show that Oracle’s cloud-based business applications lead the way on modernizing the business, even as demand withers for the company’s older technology.
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