Oracle’s quarterly results beat estimates

REUTERS: Business software maker Oracle Corp reported a better-than-expected quarterly profit and revenue on Tuesday as more customers move toward its high-margin cloud business.

The company’s net income rose to US$3.41 billion, or 82 cents per share, in the fourth quarter ended May 31, from US$3.23 billion, or 76 cents per share, a year earlier.

Total revenue rose 3.3 percent to US$11.25 billion.

Excluding items, the company earned 99 cents per share.

Analysts were expecting a profit of 94 cents per share and a revenue of US$11.19 billion, according to Thomson Reuters I/B/E/S.

Shares of the company rose as much as 3.7 percent in after-market trading.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Shailesh Kuber)