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Oracle Results Bolstered by Cloud-Computing Growth »

Oracle Corp. stated quarterly gross sales rose 2% because the enterprise software program firm navigates altering buyer spending habits.

Businesses are broadly rushing up their shift to cloud-computing whereas curbing spending on in-office instruments.

The firm on Thursday posted gross sales for the August quarter of $9.37 billion and earnings of 72 cents a share. Wall Street anticipated $9.17 billion in gross sales and earnings of 67 cents a share, in accordance with analysts surveyed by FactSet.

Oracle, finest identified for its in-office database merchandise, has been making an attempt to remake itself after falling behind as many companies embraced cloud-computing, the profitable enterprise the place distributors provide distant {hardware} and software program providers.

The Silicon Valley veteran additionally has turn into a part of the race to accumulate not less than elements of video-sharing app TikTok whose proprietor, Beijing-based ByteDance Ltd., has come beneath U.S. government pressure to sell. A deal would add a marque title to Oracle’s cloud effort because it tries to meet up with market leaders Amazon.com Inc. and Microsoft Corp., which is also vying for TikTok.

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