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Oracle earnings beat expectations

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
Oracle secured three new cloud businesses

Busy day for the computer tech corporation Oracle. The American company reported its figures for the fiscal first quarter.

The quarterly results beat analysts’ expectations. Oracle had #earnings per share of 93 cents on revenue of $9.37 billion. The consensus was of 86 cents EPS and $9.17 billion in revenue.

Revenues from license support and cloud services increased by 2% to $6.9 billion. 

Moreover, Oracle announced on Thursday three new deals with McDonald’s, Albertson’s, and Humana. According to the company's statement, McDonald’s will move its US financial system to its #cloud. Albertson’s and Humana will move various applications to Oracle’s services. 

The new deals are part of Oracle’s plan to catch up with its larger cloud services providers peers like Amazon and Microsoft. The Californian company managed to expand its business earlier this year by securing a deal with Zoom and with data centers in various countries. 

Since the beginning of the year, Oracle stock price gained 7%, while USA500 added 3.28%.

Sources: reuters.com, investing.com


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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.