Cloud computing appears to be profitable for Oracle. This week, the company announced results that beat Wall Street pundits’ estimates. Demand for its cloud products has indeed grown strongly in an environment where the transition to cloud computing platforms continues to accelerate.
The company reported revenue of $11.85 billion Monday versus a forecast of $11.66 billion. This translates to adjusted earnings per share of $1.54 versus a forecast of $1.37.
The company’s revenue rose 5 percent year over year, largely due to growth in the company’s cloud infrastructure business, which competes with the likes of Amazon Web Services and Microsoft Azure.
“We believe this surge in revenue growth indicates that our infrastructure business has now entered a period of hyper-growth,” Oracle CEO Safra Catz said in a statement.
The company expects revenue growth of between 17% and 18% for the first quarter, fueled by its $28.3 billion acquisition…