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Oracle’s cloud push powers quarterly profit, revenue beat – Source Reuters Tech News

(Reuters) – Growth in cloud business helped Oracle Corp top quarterly profit and revenue on Thursday and said the coronavirus will have “minimal impact” on the fourth-quarter revenue, which is usually skewed toward software licenses rather than hardware.

An exterior view of the Oracle Field Office at Wilson Boulevard in Arlington, Virginia, U.S., October 18, 2019. REUTERS/Tom Brenner

“We expect minimal impact from the virus in the quarter, given that much of the subscription revenue is already contracted,” Chief Executive Officer Safra Catz said on an earnings call with investors.

The business software maker’s cloud services and license support unit, which accounts for more than half of its revenue, grew 4% to $6.93 billion in the third quarter.

Oracle has been trying catch up with rivals such as Inc and Microsoft Corp in cloud business that helps companies save cost by renting data centers rather than owning them.

“It was the February quarter, so we…

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Source Reuters Tech News

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