REDWOOD CITY — Oracle on Wednesday delivered better-than-expected earnings as the Silicon Valley software giant progressed with its transformation toward more cloud-based services and sales.
After the stock market closed, Oracle said that for its fiscal third quarter, its adjusted earnings were 69 cents a share, on $9.21 billion in sales, compared with earnings of 64 cents a share on revenue of $9.01 billion in the same period a year ago.
Analysts surveyed by Thomson Reuters had forecast Oracle’s adjusted earnings would be 62 cents a share on $9.25 billion in revenue.
Faced with challenges from the likes of Salesforce.com, Oracle has recently emphasized its cloud business over its traditional database software and services. Last year, Oracle acquired cloud-based software company NetSuite for more than $9.3 billion to boost its cloud offerings.
Oracle said sales from cloud-based software reached $1.2 billion in the quarter, a 62 percent increase from a year ago. Software-as-a-service and platform-as-a-service cloud sales rose 73 percent from the year-ago period, to $1 billion.
Rob Enderle, director of tech research firm the Enderle Group, said Oracle’s results suggest the company, which had resisted embracing cloud-based software while companies such as Salesforce and Amazon had adopted the concept, can make a go of it when new technologies upend old industries.
“For a company that didn’t seem to get the cloud a few years ago, their
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