Oracle (ORCL) late Monday beat consensus estimates for sales and earnings in its fiscal fourth quarter as cloud computing growth came in slightly above expectations. ORCL stock rose on the news.
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The database software and cloud computing giant said adjusted earnings rose 8% year over year to $1.67 a share in the quarter ended May 31. Revenue climbed 17% to $13.8 billion.
Analysts had expected Oracle to earn an adjusted $1.58 a share on revenue of $13.74 billion, according to FactSet.
The Austin, Texas-based company typically provides guidance on its earnings call with analysts.
ORCL Stock News: Cloud Growth Beats
ORCL stock rose 5.1% to 122.38 in extended trading on the stock market today. In Monday’s regular session, shares rose 6% to close at 116.43.
Cloud services and license support revenue came in at $9.4 billion, up 23% vs. estimates for 22% growth.
But Oracle’s older business units continue to struggle. On-premise and cloud license revenue fell 15% to $2.2 billion.
Heading into the Oracle earnings report shares had jumped 47% in 2023. ORCL stock owns an IBD Relative Strength Rating of 95 out of a best-possible 99, according to IBD Stock Checkup.
The software maker acquired health care giant Cerner in 2022. Meanwhile, Oracle has shelved its repurchase program for ORCL stock.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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