Oracle To Update Key E-commerce Cloud App

Oracle Corp. announced on Monday that it attends to expand an e-commerce app that belongs to its suite of business cloud software, after a spring release of the product demonstrated "early momentum" among midsize and enterprise-level companies. Oracle said several customers are using the app to power both business-to-consumer and business-to-business e-commerce strategies. This comes as Oracle continues to shift more of its business to the cloud and away from legacy software. Last week, Oracle reported a 28% year-over-year increase in quarterly cloud revenue. Shares of Oracle fell 1% in premarket trade, as part of a broader market selloff.