Categories Earnings, Technology

Mixed Q2 fails to please Oracle investors

Software giant Oracle Corporation (NYSE: ORCL) reported strong earnings growth for the second quarter, riding on continued growth in the cloud business. However, the top line came in below the target set by analysts.

Second-quarter earnings, excluding one-off items, rose 12% from last year to $0.90 per share, which was 2 cents above the street consensus. 

Oracle Q2 2020 earnings

Helped by the stable demand for the company’s cloud and license support products, which account for about three-fourths of the total revenues, the top-line came in at $9.6 billion, up 1% year-over-year, but lower than the street estimate.

Cloud Services and License Support revenues were $6.8 billion, while Cloud License and On-Premise License revenues were $1.1 billion.

READ: Alteryx CFO Kevin Rubin on Q4 outlook, stock sell-off and the possibility of getting acquired

CFO Safra Catz said, “We had another strong quarter in our Fusion and NetSuite cloud applications businesses with Fusion ERP revenues growing 37% and NetSuite ERP revenues growing 29%.”

CTO Larry Ellison added, “It’s still early days, but the Oracle Autonomous Database already has thousands of customers running in our Gen2 Public Cloud. Currently, our Autonomous Database running in our Public Cloud business is growing at a rate of over 100%.”

Oracle shares fell 1.98% immediately following the announcement. The stock has gained over 23% so far this year and 2% in the past three months.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Also Read:  Tech world on alert after Ciena (CIEN) gives cautious outlook amid order woes

Most Popular

COVID-19 drove retailers up the digital path years ahead than anticipated

Earlier we looked into how, during the COVID-19 pandemic, retailers saw changing trends in terms of their assortments and how the acceleration of online shopping led many of them to

Snowflake (SNOW) creates a record as the most successful software IPO ever; stock more than doubles

Data is at the heart of business innovation. Recognizing this trend, companies are seeking ways to transform their businesses by capturing, analyzing, and mobilizing data. The public cloud is becoming

Adobe (ADBE) sees new tailwinds as virtual shift gathers steam

The second half has been highly rewarding for design software maker Adobe Inc. (NASDAQ: ADBE) amid stable demand for digital content solutions. The company has remained unaffected by the virus-related

2 thoughts on “Mixed Q2 fails to please Oracle investors

Comments are closed.

Top