Oracle beats quarterly estimates as demand for its cloud services rises

By Juby Babu

(Reuters) -Oracle beat estimates for quarterly results and forecast second-quarter revenue growth above estimates on Monday, boosted by growing demand for its cloud offerings, sending its shares up over 9% in trading after the bell.

The Texas-based company's push into the cloud computing market is showing promising results and it has started narrowing the gap with market leaders Microsoft (NASDAQ:MSFT ) and Amazon (NASDAQ:AMZN ) Web Services.

Oracle (NYSE:ORCL ) Cloud Infrastructure remains strong and sustained demand for cloud compute is expected, particularly in AI applications.

"Oracle reported a good quarter with 8% constant currency growth and slightly better than expected earnings. The company continues to benefit from a strong cloud business and is investing in that business further," said Gil Luria, senior software analyst at D.A. Davidson.

The company also announced a partnership with AWS, Oracle Database@AWS, that allows customers to access Oracle Autonomous Database and Oracle Exadata Database Service within AWS and the general availability of Oracle Database@Google Cloud.

With the partnership, Oracle is "growing its big database opportunity across Microsoft Azure, Google (NASDAQ:GOOGL ) Cloud, and AWS by making it simpler for customers to connect data across clouds and applications – and driving new revenue opportunities," said Rebecca Wettemann, CEO of research firm Valoir.

Oracle's cloud services revenue rose 21% to $5.6 billion in the first quarter.

Revenue for the quarter ended Aug. 31 stood at $13.31 billion, compared with analysts' estimates of $13.23 billion, according to LSEG data.

Excluding items, the company earned $1.39 per share, above estimates of $1.32 apiece.



Remaining Performance Obligations (RPO), the most popular measure of booked revenue, was up 53% to $99 billion in the quarter.

For the second quarter, Oracle expects revenue to grow between 8% and 10%, the midpoint of which is above analysts' estimate of 8.72%.

Source: Investing.com

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