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The US software and hardware manufacturer Oracle Corporation (NYSE: ORCL) announced its latest financial results after the market close in the US on Monday.
The company posted solid results for the Fiscal 2023 Q2, beating analyst estimates for revenue and earnings per share (EPS).
Revenue reported at $12.275 billion vs. $11.959 billion expected.
EPS at $1.21 per share for the quarter vs. the $1.17 per share estimate.
“In Q2, Oracle’s total revenue grew 25% in constant currency—exceeding the high end of our guidance by more than $200 million,” CEO of the company, Safra Catz commented on the performance in the quarter.
“That strong overall revenue growth was powered by our infrastructure and applications cloud businesses that grew 59% and 45% respectively, in constant currency. Fusion Cloud ERP grew 28% in constant currency, NetSuite Cloud ERP grew 29% in constant currency—each and every one of our strategic businesses delivered solid revenue growth in the quarter,” Catz concluded.
“Since the acquisition, Cerner has contributed to Oracle’s growth—and Oracle has helped Cerner improve its technology,” Chairman and CTO of Oracle, Larry Ellison said in a press release.
“But we are just beginning our mission to modernize healthcare information systems. In the wake of the COVID pandemic, there is a worldwide sense of urgency to transform and improve national healthcare systems. Our goals are ambitious: fully automate clinical trials to shorten the time it takes to deliver lifesaving new drugs to patients, enable doctors to easily access better information leading to better patient outcomes, and provide public health professionals with an early warning system that locates and identifies new pathogens in time to prevent the next pandemic. The scale of this opportunity is unprecedented—and so is the responsibility that goes along with it,” Ellison added.
The stock was down by around 1% at the market open on Tuesday at $80.27 a share.
Oracle price targets
Oracle is the 39th largest company in the world with a market cap of $218.09 billion.
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Sources: Oracle Corporation, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
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