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.
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.
Most Popular
KMI Earnings: Kinder Morgan Q1 2024 adjusted profit increases; revenue drops
Kinder Morgan, Inc. (NYSE: KMI) reported higher adjusted earnings for the first quarter of 2024 despite a decrease in revenues. The energy infrastructure company also issued guidance for the full
Key takeaways from Johnson & Johnson’s (JNJ) Q1 2024 earnings report
Over the years, Johnson & Johnson (NYSE: JNJ) has constantly ramped up its portfolio and pipeline. After spinning off the consumer health business last year, the company has been focused
What to expect when Altria (MO) reports first quarter 2024 earnings results
Shares of Altria Group, Inc. (NYSE: MO) stayed green on Wednesday. The stock has dropped 8% over the past one month. The tobacco giant is scheduled to report its first
