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MARKETS LIVE BLOG:

STOCKS TRADE HIGHER; DISNEY SINKS AFTER EARNINGS

Apple reportedly designing its own AI chips for data centres

Oracle (ORCL) Stock Rising on Q2 Earnings Beat

Madeleine Johnson
Updated

Oracle Corp ORCLis one of the world’s largest suppliers of software for information management. Oracle produces enterprise-level products that help corporations manage their businesses. The company’s product portfolio is split in to two segments: Systems Software and Internet Business Applications Software.

Strong growth potential in SaaS, PaaS, and Big Data is encouraging for the software industry as a whole, but Oracle’s slow transition from licensing to cloud computing has continued to hurt its top line in the short-term. ORCL stock is down about 16% on the year.

Currently, ORCL has a Zacks Rank #4 (Sell). Of course, the ranking could change following the content of today’s report.

Oracle:

1. Beat earnings estimates. The company posted $0.59, beating our Zacks Consensus Estimate of $0.57. This number excludes $0.08 from non-recurring items.

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2. Missed revenue estimates. The company saw revenue figures of $8.996 billion, missing our estimate of $9.085 billion.

3. Reported total Cloud Revenues of $649 million, up 26% in U.S. dollars and up 31% in constant currency.

4. “We are still on-target to sell and book more than $1.5 billion of new SaaS and PaaS business this fiscal year,” said Oracle Executive Chairman and CTO Larry Ellison. “That is considerably more SaaS and PaaS new business than any other cloud services provider including salesforce.com.”

4. ORCL was up $0.88, or 2.26%, to $39.79 as of 5:02 PM ET in after hours trading shortly after its earnings report was released.

Here’s a graph that looks at Oracle’s quarterly revenue and growth rate:

Check back later for our full analysis on the latest Oracle earnings report!

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ORACLE CORP (ORCL): Free Stock Analysis Report
 
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