The company logo for Oracle Corp. is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid/File Photo
June 13 (Reuters) – Cloud and enterprise software firm Oracle Corp (ORCL.N) topped Wall Street estimates for quarterly profit and revenue on Monday, as more businesses increased spending on cloud services while transitioning to a hybrid work environment.
“We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase,” Oracle Chief Executive Officer Safra Catz said in a statement.
The company has been expanding its data center operations across the world as it seeks to capture the rise in demand for cloud computing and enterprise software.
Oracle is striving to increase its cloud regions, or geographical areas that allow customers to get faster access from a local data center, to better compete with firms such as Microsoft (MSFT.O), Amazon.com (AMZN.O) and Alphabet Inc’s (GOOGL.O) Google.
Revenue for the fourth quarter ended May 31 grew 5% to $11.84 billion, above analysts’ average estimate of $11.66 billion, according to IBES data from Refinitiv.
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