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Oracle profit beats as cloud shift gains steam, shares at record

19:56 EDT 21 Jun 2017 | Yahoo News

Oracle profit beats as cloud shift gains steam, shares at record(Reuters) - Oracle Corp's quarterly profit blew past Wall Street estimates and the business software maker forecast an upbeat current-quarter earnings, indicating that the company's transition to cloud is starting to pay off. As part of the efforts, the company and AT&T Inc signed in May a deal under which the U.S. telecom provider agreed to move some of its large-scale databases to Oracle's cloud platform. "In the coming year, I expect more of our big customers to migrate their Oracle databases and database applications to the Oracle Cloud," Oracle founder and Chief Technology Officer Larry Ellison said in a statement.


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