Economy

Software company Oracle grows thanks to cloud | Financial

Total revenues increased 2 percent to $ 9.4 billion in the first quarter of the broken fiscal year. The sales of licenses for cloud software increased in particular. Oracle acquired Zoom Video as a customer this spring. The revenues generated by this fast-growing video conferencing company Oracle doubled compared to the previous quarter, according to top woman Safra Catz.

In net profit 3.2 billion dollars remained. That is 12 percent more than a year earlier.

In the fourth quarter of the previous financial year, Oracle was actually affected by the corona crisis. Back then, companies in hard-hit sectors still often postponed investments in software, which hit sales.

Oracle is reportedly one of the companies interested in the acquisition of video app TikTok from China’s ByteDance. President Donald Trump is demanding that the US arm of TikTok be sold by its Chinese owner, and threatens to ban the app if it doesn’t. Microsoft would also like to take over TikTok.

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