Cloud and enterprise software company Oracle Corp topped Wall Street estimates for quarterly earnings and revenue on Monday as more companies increased spending on cloud services as they transition to a hybrid work environment.
Shares of the Austin, Texas-based company, which are down about 27% so far this year, are up nearly 9% in extended trading.
oracleTotal cloud revenue, which includes infrastructure-as-a-service and software-as-a-service businesses, grew 3% to $7.61 billion.
“We believe this surge in revenue growth indicates that our infrastructure business has now entered a hyper-growth phase,” Safra Catz, Oracle’s chief executive officer, said in a statement.
Catz attributed the jump in sales to the company’s merger and acquisition NetSuite Cloud applications and high demand for its infrastructure cloud business.
The company has expanded its data center operations…