Oracle posts rise in quarterly profit on strong cloud demand (updated)

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11/03/2024 20:22

(Recasts para 1, adds share movement, adds details in paras
3,4,5)
       March 11 (Reuters) - Oracle  ORCL.N  posted a rise in
quarterly profit on Monday, as demand rose for its
cloud-computing services on the back of a boom in generative AI.
    Shares of Oracle jumped 5.9% to $120.82 in extended trading.
    The 46-year-old database giant has been trying to reinvent
itself as a cloud-computing provider by offering services
cheaper than those of rivals such as Amazon.com  AMZN.O .
    Excluding items the company posted profit of $1.41 per
share, up 16% compared to $1.22 per share a year earlier. 
    However, revenue of $13.28 billion for the three months
ended February 29 was below analysts' average estimate of $13.30
billion, according to LSEG data.
 

 (Reporting by Harshita Mary Varghese in Bengaluru;Editing by
Krishna Chandra Eluri)
 ((HarshitaMary.Varghese@thomsonreuters.com;))