Oracle has reported a 3.5% rise in
quarterly revenue, against industry expectation, with its cloud services business sales seeing
45% growth. The company also reported shares rising by
2.5% to hit US$42.20 in after-market trading. The news came in the firm’s first
report since since co-founder Larry Ellison stepped down as CEO.
“Oracle has been going through a transition
as it rationalises the hardware business and moves their software business to the
cloud,” noted Pacific Crest Securities analyst Brendan Barnicle, adding that
the figures constituted good evidence that Oracle was making inroads.
Overall revenue increased to US$9.6 billion,
up from US$9.28 billion, while revenue from cloud services came in at US$516
million.