Oracle reported a 2% rise in Q2 revenue as the company enjoys high cloud demand during a pandemic-driven shift to remote work
- Oracle reported a 2% rise in revenue in its second-quarter earnings report Thursday, beating analyst expectations — the cloud company reported $9.8 billion in revenue after analysts predicted $9.79 billion.
- The revenue boost comes as the tech company fields high demand in its cloud services as the pandemic drives a widespread shift to remote work.
Oracle reported quarterly revenue in line with Wall Street estimates on Thursday, as remote work trends boosted cloud product and software licensing sales.
Total revenue rose 2% year-over-year to $9.8 billion in the second quarter ended November 30. Analysts were expecting revenue of $9.79 billion, according to IBES data from Refinitiv.
Revenue from cloud services and license support rose 4% to $7.1 billion.
"Our highly profitable multi-billion dollar Fusion and NetSuite Cloud ERP applications businesses grew revenue 33% and 21% respectively in Q2," Oracle CEO Safra Catz said in a press release. "These two strategic cloud applications businesses are major contributors to Oracle's increased operating earnings and consistent earnings per share growth. We expect this rapid market share and revenue growth trend to continue as both Gartner and IDC rank Oracle's ERP suite number one in the cloud."
The company also exceeded expectations for earnings per share, surpassed predictions of $1 with $1.06.
(Reporting by Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)