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Oracle sees profit boost as remote working continues

(Image credit: Image Credit: Ken Wolter / Shutterstock)

Oracle published its earnings for the first quarter of the year, showing better results than what the analysts had expected. With Covid-19’s wind in its sails, Oracle (opens in new tab) managed to report higher revenue and net income and as a result, its shares jumped five percent yesterday.

According to Reuters (opens in new tab), remote working initiatives, as well as its data center business, were two units where Oracle reported highest gains. Revenue from cloud services rose 2.1 percent for the quarter, hitting $6.95 billion, it was said. Total revenue was up 1.6 percent, hitting $9.37 billion and beating analysts’ estimates of $9.19bn.

Net income was up from $2.14 billion and 63 cents per share this time last year, to $2.25 billion, or 72 cents per share this year. On an adjusted basis, Reuters added, Oracle earned 93 cents per share, more than what the market had expected with 86 cents per share.

While some companies struggled to survive with the lockdown, others embraced it as an opportunity to digitally transform faster and provide their customers with a better customer experience online. In good measure, that experience depended on the services provided by cloud companies, such as Oracle (opens in new tab).

Consequently Oracle, as well as other cloud service providers, greatly benefitted from the pandemic and the lockdown lifestyle we’ve been living for the past six months.

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.