• Mon. Sep 21st, 2020

Dimancherouge

Technology

Oracle Stock Up After Hours on Earnings, Revenue Beat

Oracle shares were rising in late trading on Thursday after the software giant topped estimates on earnings and revenue. 

For its fiscal first quarter, which ended in August, the company reported 2% growth in revenues to $9.4 billion and GAAP EPS of 72 cents per share, up 16%. Analysts were expecting sales of $9.17 billion and GAAP earnings of 67 cents per share. 

Oracle  (ORCL) – Get Report shares were up 2.6% immediately following the report. 

“Q1 was fantastic with total revenue beating guidance by more than $150 million, and non-GAAP earnings per share beating guidance by $0.07,” said Oracle CEO Safra Catz. “Our cloud applications businesses continued their rapid revenue growth with Fusion ERP up 33% and NetSuite ERP up 23%… Our infrastructure businesses are also growing rapidly as revenue from Zoom more than doubled from Q4 last year to Q1 in this year.”

Catz added that she has a “high level of confidence” that Oracle’s revenue will accelerate post-COVID. In April, Oracle announced that Zoom Video  (ZM) – Get Report chose Oracle as a partner to expand its cloud capabilities in lieu of competitors such as Amazon’s AWS  (AMZN) – Get Report or Microsoft  (MSFT) – Get Report Azure. 

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