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:  Crown Castle Q3 profit jumps 43%, beats estimates

Most Popular

A visual dashboard of Broadcom (AVGO) Q2 2020 earnings results

Broadcom (NASDAQ: AVGO) reported non-GAAP EPS of $5.14 for the second quarter of 2020 on revenue of $5.74 billion. While the earnings came in line with the analysts' estimates, revenue

Will Zoom (ZM) keep up the booming trend?

Video conferencing platforms and other workplace collaboration tools have become more popular nowadays. With most people confined to their homes, apps that allow us to stay in touch have become

Cloudera (CLDR) stays on course as cloud solutions gain significance during pandemic

Cloudera (NYSE: CLDR) once again proved its mettle by reporting impressive results for the April-quarter that was mostly marred by the market-turmoil spurred by the virus attack. Though the tech

2 thoughts on “Mixed Q2 fails to please Oracle investors

Comments are closed.

Top