Oracle misses revenue estimates as licensing business drags
(Reuters) - Business software maker Oracle Corp missed second-quarter revenue estimates on Thursday, as growth in its cloud services and license support unit failed to offset declines in its traditional software licensing business.
(Reuters) - Business software maker Oracle Corp
Oracle has been aggressively pushing into cloud computing to compensate for the late entry into the fast-growing business that helps companies move away from the more expensive traditional on-premise model.
It has announced plans to hire 2,000 additional workers to roll out its cloud computing service to more locations to compete with bigger rivals Amazon.com's
Revenue from its cloud license and on-premise license fell 7% to $1.13 billion from $1.22 billion, while revenue from the cloud services and license support business rose 3% to $6.81 billion.
Total revenue rose to $9.61 billion, but fell short of analysts' average estimate of $9.65 billion, according to IBES data from Refinitiv.
Excluding items, the company earned 90 cents per share, beating estimates of 88 cents.
The company's shares fell 1.36% in extended trading.
(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)
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