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Oracle shares jumped nearly 11% after the database software company posted fiscal fourth-quarter results that topped analyst estimates.
Source: Oracle
ORCL up +11.23%, NASDAQ Composite down -4.68%, Pre-market trading
The company’s adjusted earnings per share came in at $1.54, compared to the $1.37 expected by analysts from Refinitiv. Revenue stood at $11.84B compared to an estimate of $11.66B.
Total revenue grew by 5% from a year earlier, attributable to growth in the company’s cloud infrastructure business that competes with Amazon Web Services and Microsoft Azure.
Oracle stated that the segment increased sales by 36%, bolstering total cloud revenue by 19% to $2.9 billion.
Safra Catz, CEO of Oracle, stated that the company reported a major increase in demand for cloud infrastructure due to a revenue growth spike as the company entered a hyper-growth phase.
Oracle’s earnings beat is significant as investors focus on companies that report profits and generate cash during the economic downturns.
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