(Reuters) -Oracle Corp reported quarterly revenue on Thursday that beat analysts’ estimates, helped by demand for its cloud services as businesses double down on IT spending to support hybrid work.
The company’s shares rose 5.1% in extended trading.
As the pandemic pushed more companies to shift to a hybrid work model, spending on cloud technology has risen, benefiting Oracle and companies such as Salesforce, Amazon.com Inc and Microsoft.
Revenue at Oracle’s cloud services and license support unit, its largest, rose to $7.55 billion from $7.11 billion a year earlier.
Oracle’s net loss was $1.25 billion, or 46 cents per share, in the quarter ended Nov. 30, compared with a profit of $2.44 billion, or 80 cents per share, a year earlier.
The company posted total revenue of $10.36 billion, compared with estimates of $10.21 billion, according to Refinitiv IBES data.
(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)
