Oracle forecasts upbeat third quarter as IT spending rebounds
Information about Oracle forecasts upbeat third quarter as IT spending rebounds
Kevin David Scam or Legit
By Akash Sriram
(Reuters) – Enterprise software maker Oracle Corp forecast current-quarter profit and revenue above market estimates on Thursday after posting upbeat results for the second quarter, helped by higher tech spending from businesses looking to support hybrid work.
As the pandemic pushed more companies to shift to a hybrid work model, spending on cloud technology has risen, benefiting Oracle and other firms such as Salesforce, Amazon.com Inc and Microsoft.
The company’s shares rose about 10.4% at $98 in extended trading.
Revenue at Oracle’s cloud services and license support unit, its largest, rose to $7.55 billion in the second quarter from $7.11 billion a year earlier. This is expected to grow between 6% and 8% in the third quarter, the company said.