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Oracle cloud growth shows promise as company tops estimates

Sales of key cloud products grow 57% to US$583m, compared with sagging revenue in other services

Published Wed, Mar 16, 2016 · 09:50 PM

San Francisco

ORACLE Corp reported profit that topped estimates and posted strong gains in revenue from cloud-based businesses, signalling that it is making progress in the transition away from traditional software.

Profit, excluding some items, was 64 US cents a share for the period that ended on Feb 29, surpassing analysts' average projections by two US cents. Sales of key cloud-based products exceeded the company's outlook, and co-chief executive officer Safra Catz said that growth rates could rise further.