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Stock impact report

Oracle’s Profit Beats as Shift to Cloud Gains Momentum [Fortune]

AT&T Inc. (T) 
Last at&t inc. earnings: 4/22 06:54 am Check Earnings Report
US:NYSE Investor Relations: en.wiktionary.org/wiki/at
Company Research Source: Fortune
Oracle reported a better-than-expected quarterly profit on Thursday, in the latest indication that the business software maker's shift to cloud is gaining traction after years-long effort. The company's shares were down 2.5% in after-market trading. They had gained about 37% this year. Oracle - a late entrant to the cloud market - has been aggressively ramping up the business as more and more clients ditch the costlier software licensing model. The company said in late August it would hire more than 5,000 engineers, consultants, sales and support people this year to boost the fast-growing business. Total revenue in the company's cloud business surged 51.4% to $1.47 billion in the three months ended Aug. 31. The strong growth in its cloud business was a promising sign for the enterprise tech giant, said Jeff Reeves, executive editor and analyst with InvestorPlace.com. Oracle's cloud business recently won contracts from Mitsubishi Electric and Bank of America among other Show less Read more
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