Oracle reports profit that tops estimates
Oracle reported fiscal second-quarter sales and profit that topped analysts’ estimates on growing demand for internet-based software, which is now on track to bring in more than $1 billion in revenue this year.
Profit excluding some items was 64 cents a share on adjusted revenue of $9.11 billion, the company said in a statement yesterday.
Adjusted revenue includes some subscription and support contracts, as well as other licensing revenue.
Chief executive Larry Ellison has been using acquisitions to add cloud computing software that customers can access online instead of storing on their own servers. That has bolstering profit margins as Oracle fends off smaller rivals such as Salesforce.comand Workday, which also offer web-based business products. – Bloomberg