September 16, 2016 4:07 pm | Updated 5 years ago.
The cloud –computing business of Oracle recorded an increase by 2% to $8.6 billion in the first quarter. Oracle is following in the footsteps of corporate giants like Microsoft Corp. and is shifting most of their operation to the clouds. The company is systematically developing its cloud business especially in the field of software as a service and also platform as a service to analyze data.
According to sources, Oracle’s total cloud revenue, in the last quarter had also registered a rise of 59% to $969 dollars. Oracle is all set to inaugurate its annual Oracle Open World conference in San Francisco where it envisages on showcasing new cloud services to more than sixty thousand developers,partners, and customers.
Oracle, in order to expand, is also thinking of acquiring NetSuite Inc to serve its small corporate clients for an amount of $9.3 billion. For the quarter ended on August 31, a profit of $1.83 billion was reported by Oracle compared to $1.75 billion a year back.
Date of Publication: Sept. 15, 2016