Comments
Oracle Corporation’s net income in the third quarter increased 2 per cent compared to the same period last year to $2.6 billion, the California-based company said on Tuesday.
Revenue increased by 4 per cent to $9.3 billion in the third quarter, according to the company, citing increased revenue from cloud software subscriptions and hardware system products.
“In constant currency, our Cloud Software Subscriptions revenues grew 25 per cent and our Engineered Systems revenue grew more than 30 per cent in the quarter,” Oracle President Safra Catz said in a statement.
“Oracle Cloud Applications and Engineered Systems are both rapidly growing, billion dollar run-rate businesses. Those two high-growth businesses helped us deliver record year-to-date operating cash flow, and a record $15 billion of operating cash flow over the past twelve months,” she added.
However, Oracle shares fell as much as 7 per cent in extended trading, because the third quarter figures fell short of analyst estimates, according to Bloomberg News.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.