Oracle reported better-than-expected profits in its fiscal third quarter on Wednesday, powered by the continued strength of its cloud business. Net income climbed to $2.2 billion, or 53 cents per share, from $2.1 billion, or 50 cents per share, a year earlier. Excluding certain items, earnings came in at 69 cents, beating Wall Street analyst estimates of 62 cents. "Now our biggest customers can run their largest and most demanding Oracle database workloads in the Oracle Cloud – something that is absolutely impossible to do in the Amazon Cloud," said Oracle's billionaire founder and chairman Larry Ellison. Meanwhile, Oracle's legacy software licensing business has continued to slow, with revenue slipping 3% to $6.2 billion during the quarter.

Source: Forbes March 15, 2017 20:27 UTC