I think you have a double on ORCL since we first talked about it.
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Oracle shares jump on earnings and revenue beat
Published Mon, Sep 9 20244:14 PM EDTUpdated 8 Min Ago
Jordan Novet @jordannovet
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Key Points
- Oracle beat on the top and bottom line for the fiscal first quarter in its report on Monday.
- The stock rose in extended trading.
- Oracle also said it will bring database services to cloud infrastructure market leader Amazon Web Services
In this article
Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017.
David Paul Morris | Bloomberg | Getty Images
Oracle
shares rose 9% in extended trading on Monday after the database software vendor reported fiscal first-quarter results that topped Wall Street estimates.
Here’s how the company did in comparison with LSEG consensus:
- Earnings per share: $1.39 adjusted vs. $1.32 expected
- Revenue: $13.31 billion vs. $13.23 billion expected
Oracle’s revenue increased 8% from $12.45 billion a year ago, according to a statement. Net income rose to $2.93 billion, or $1.03 per share, from $2.42 billion, or 86 cents per share, in the same quarter a year ago.
At its after hours price of about $153, Oracle is on pace to reach a record on Tuesday. The stock’s highest close to date was $145.03 in July. Prior to the report, Oracle was about 34% so far this year, compared to the S&P 500's 15% gain.
The company said its cloud services and license support business generated $10.52 billion in revenue. That was up 10% from a year earlier and higher than the StreetAccount consensus of $10.47 billion.
Oracle’s cloud and on-premises license segment had $870 million in revenue, up 7% and more than StreetAccount’s $757.6 billion consensus.
Revenue from cloud infrastructure came to $2.2 billion, up 45%. That’s an acceleration from the prior quarter, during which the revenue went up 42%.
“Demand continued to outstrip supply” of consumption-based cloud infrastructure, CEO Safra Catz said on a conference call with analysts.
During the quarter, Oracle announced the opening of a second cloud region in Saudi Arabia and said its database software will be available through Google’s
public cloud.
In a separate statement on Monday, Oracle said it would partner with cloud infrastructure market leader Amazon
Web Services to enable its database services on dedicated hardware.
Executives will issue guidance and discuss the results with analysts on a conference call starting at 5 p.m. ET.
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