Oracle Profit Beats Expectations, But Revenue Comes Up Short | Fox Business

Oracle Corp. released quarterly earnings Wednesday that beat profit expectations but were light on revenue. The Silicon Valley software giant reported net income of $1.75 billion, or 40 cents a share, on sales of $8.45 billion; after adjustments, Oracle claimed profit of 53 cents a share. Analysts expected adjusted profit of 52 cents a share on sales of $8.53 billion, according to a FactSet survey. The company's cloud revenue was disappointing, as Oracle looks to catch up to Salesforce and other software-as-a-service rivals: Oracle reported total cloud revenues of $611 million, while analysts expected $630 million on average. The company's cloud business accounted for 7% of Oracle's total sales, after being 5% in the same quarter last year. Shares bounced around in late trading immediately after the report, vacillating between gains and losses after closing with a 0.7% gain at $38.27.