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Oracle Corp. signalled 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 5 per 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 centres rather than owning them.

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Revenue from its largest the unit, that includes its cloud services, rose 2.1 per cent to US$6.95-billion.

Total revenue rose 1.6 per cent to US$9.37-billion, beating analysts' average estimate of US$9.19-billion, according to IBES data from Refinitiv.

The company’s net income rose to US$2.25-billion, or 72 US cents a share, in the first quarter ended Aug. 31, from $2.14-billion, or 63 US cents a share, a year earlier.

On an adjusted basis, Oracle earned 93 US cents a share, above market expectation of 86 US cents a share.

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