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Oracle Corporation (ORCL) reported its latest financial after the closing bell in the US on Monday. The company beat both revenue and earnings per share estimates, sending the stock price higher.
The US software and hardware manufacturer reported revenue of $11.84 billion for the quarter (up by 5% year-over-year and up 10% in constant currency) vs. $11.61 billion expected.
Earnings per share reported at $1.54 per share vs. $1.37 per share estimate.
”We continued to improve our top line results again this quarter with total revenue growing 10% in constant currency,” Oracle CEO, Safra Catz commented on the latest results after the announcement.
”These consistent increases in our quarterly revenue growth rate typically have been driven by our market leading Fusion and NetSuite cloud applications. But this Q4, we also experienced a major increase in demand in our infrastructure cloud business—which grew 39% in constant currency. We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase. Couple a high growth rate in our cloud infrastructure business with the newly acquired Cerner applications business—and Oracle finds itself in position to deliver stellar revenue growth over the next several quarters,” Catz concluded.
Oracle Corporation (ORCL) chart
Share price of Oracle was up by over 10% on Tuesday after the latest earnings beat, trading at $70.71 per share.
Here is how the stock has performed in the past year:
Oracle price targets
Oracle Corporation is the 45th largest company in the world with a market cap of $197.79 billion.
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Sources: Oracle Corporation, TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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