Oracle Corp signaled a recovery in client spending as remote work spurred demand for cloud services as well as traditional licensing business, helping it beat expectations for first-quarter results and sending its shares up 5per cent on Thursday.
The COVID-19 pandemic has led to a rapid shift to remote work with companies looking to extend it till the next year, benefiting cloud companies that support this move.It comes at a time when Oracle has been pushing into the cloud business that helps companies save cost by renting data centers rather than owning them.
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