© Reuters. The Oracle logo is shown on an office building in Irvine, California, U.S. June 28, 2018. REUTERS/Mike Blake
(Reuters) -Cloud and enterprise software firm Oracle Corp (NYSE:) topped Wall Street estimates for fourth-quarter revenue on Monday, with more businesses increasing spending on cloud as they transition to a hybrid work environment.
Shares in the Austin, Texas-based company, which have declined about 27% so far this year, rose nearly 9% in extended trade.
Oracle’s total cloud revenue, which includes its infrastructure-as-a-service and software-as-a-service businesses, rose 3% to $7.61 billion.
The company has been expanding its data center operations across the world as it seeks to capture a rising demand for cloud computing and enterprise software. Oracle is striving to increase its cloud regions, or geographical areas that allow customers to get faster access from a local data center, to better compete with firms such as Microsoft (NASDAQ:), Amazon.com (NASDAQ:) and Alphabet (NASDAQ:) Inc’s Google.
Revenue for the quarter ended May 31 was $11.84 billion, compared with analysts’ average estimate of $11.66 billion, according to IBES data from Refinitiv.