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Oracle revenue up 3.5 percent on strong growth in cloud
December 17, 2014 / 9:12 PM / 3 years ago

Oracle revenue up 3.5 percent on strong growth in cloud

People gather prior to the start of a keynote speech at the All Things Oracle OpenWorld Summit in San Francisco, California September 24, 2013. REUTERS/Jana Asenbrennerova

(Reuters) - Oracle Corp (ORCL.N) posted a 3.5 percent rise in total revenue in the company’s first quarter since Larry Ellison stepped down as chief executive, bolstered by a 45 percent jump in its fast-growing cloud services business.

The shares rose 2.5 percent to $42.20 in after-market trading.

Total revenue rose to $9.6 billion from $9.3 billion, beating analysts’ expectations.

Investors have been carefully watching how Oracle beefs up its “cloud” divisions, which deliver software over the Internet, as a gauge for how well it can fight off competition from software companies such as Salesforce.com Inc (CRM.N).

The company’s net income slipped to $2.50 billion in the quarter ended Nov. 30, from $2.55 billion. On a per share basis as measured by traditional accounting, profit was flat at 56 cents per share.

Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza and Richard Chang

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