Categories Earnings, Technology

Oracle’s (ORCL) Q3 results beat expectations

Oracle Corporation (NYSE: ORCL) topped revenue and earnings forecasts for the third quarter of 2020, allowing the stock to gain 3.7% in aftermarket hours on Thursday.  

Total revenues rose 2% year-over-year to $9.8 billion, surpassing estimates of $9.7 billion. Revenues were up 3% in constant currency.

Oracle beats Q3 2020 earnings and revenue estimates

GAAP net income fell 6% to $2.6 billion while GAAP EPS rose 4% to $0.79. Adjusted net income was $3.2 billion while adjusted EPS grew 11% to $0.97, beating forecasts of $0.96.

Short-term deferred revenues were $7.8 billion. Fusion ERP Cloud revenues were up 37% year-over-year on a reported basis and 38% in constant currency.

Subscription revenues were $6.9 billion, up 4% on a reported basis and 5% in constant currency. Subscription revenues now account for the majority of the company’s revenues. Cloud License and On-Premise License revenues were $1.2 billion, down 2% on a reported basis and flat on a constant currency basis. Hardware and Services revenues both saw decreases compared to the prior-year period.

Also read: Adobe Q1 2020 Earnings Report

For the fourth quarter, Oracle expects total subscription revenues to range between 3-5% in both constant currency and US dollars. Total revenues are expected to range between negative 2% to positive 2% in both constant currency and US dollars. Adjusted EPS is expected to grow 3-9% to a range of $1.20-1.28 in both constant currency and US dollars.

The Board of Directors declared a quarterly cash dividend of $0.24 per common share, payable to stockholders of record as of April 9, 2020, with a payment date of April 23, 2020. The company also increased its share repurchase authorization by $15 billion.

Oracle’s shares have fallen 24% over the past one year and 28% in the past one month.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Infographic: Key highlights from Campbell Soup Company’s (CPB) Q1 2023 earnings results

Campbell Soup Company (NYSE: CPB) reported first quarter 2023 earnings results today. Net sales increased 15% year-over-year to $2.57 billion. Organic sales growth was 15%. Net earnings attributable to Campbell Soup

Cancer drug maker Felicitex prepares for IPO. Here’s all you need to know

Fewer companies filed for initial public offering this year, compared to 2021 when the market witnessed a record number of IPOs. With only a few weeks left for the year

Chipotle Mexican Grill (CMG): A few points to keep in mind if you have an eye on this restaurant chain

Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) were down 3% on Tuesday. The stock has dropped 13% year-to-date but there is still a positive sentiment in general about its

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top