Oracle revenue beats as cloud business benefits from remote work

(Reuters) – Business software maker Oracle Corp beat quarterly revenue expectations on Thursday as more companies signed up for its cloud services and software to support their remote workforce amid the COVID-19 pandemic.

Total revenue rose 1.6% to $9.37 billion, beating analysts’ average estimate of $9.19 billion, according to IBES data from Refinitiv.

The company’s net income rose to $2.25 billion, or 72 cents per share, in the first quarter ended Aug. 31, from $2.14 billion, or 63 cents per share, a year earlier.

(Reporting by Neha Malara in Bengaluru; Editing by Arun Koyyur)