- June 16, 2021
- Posted by: Stratford Team
- Category: Business
Check out what’s clicking on FoxBusiness.com.
Oracle Corp on Tuesday forecast current-quarter profit below Wall Street estimates, as the business software maker ramps up investments in its cloud computing business to take on rivals including Microsoft and Amazon.com.
The company is planning to double its capital spending on the cloud segment to nearly $4 billion in fiscal 2022 as it benefits from the pandemic with businesses opting for hybrid-work models.
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Increased investment in cloud, however, led Oracle to forecast first-quarter earnings per share of 94 cents to 98 cents, below expectations of $1.03, sending its shares down 4.5% in extended trading.
The company has been setting up more data centers to assist businesses as they expand operations, helping it beef up cloud offerings and win high-profile customers such as Zoom Video Communications.
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