ORCL Oracle Corp

   By Maria Armental 
 

Oracle Corp.'s (ORCL) financial results in the latest period beat Wall Street targets as its cloud-computing business continued to gain momentum.

The company reported revenue from its cloud services and licensing support businesses increased 8% to $6.8 billion in its fiscal fourth quarter, compared to a year earlier.

Cloud license and on-premise license revenue declined 5% to $2.45 billion. Overall, revenue rose 3% to $11.25 billion, beating the $11.19 billion in revenue that analysts polled by Thomson Reuters expected the company to report.

The company's fourth-quarter profit rose 5% to $3.41 billion, or 82 cents a share. Excluding stock-based compensation and other items, profit rose to 99 cents a share from 89 cents a share a year earlier. Analysts expected 94 cents a share.

Shares, which lag the market this year with a 2% decline, fell 4.5% to $44.20 in after-hours trading.

The Redwood City, Calif., company built its business as a database software provider, as customers installed and run applications in their data centers. However, its cloud computing business has become the focus.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

June 19, 2018 17:48 ET (21:48 GMT)

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