Safra Catz, then co-CEO of Oracle Corp., speaks during the Oracle OpenWorld conference in San Francisco on September 20, 2016.
David Paul Morris | Bloomberg | Getty Images
Shares of Oracle rose nearly 9% in extended trading on Monday, following the release of fourth-quarter financial results by the database software company that exceeded analysts’ estimates.
See how the company did it:
- Profits: $ 1.54 per share, adjusted against $ 1.37 as expected by analysts, according to Refinitiv.
- Income: $ 11.84 billion, up from $ 11.66 billion expected by analysts, according to Refinitiv.
Revenue rose 5 percent from a year earlier as the company grew its cloud infrastructure business, which rivals Amazon Web Services and Microsoft Azure.
Oracle said the unit increased sales by 36%, bringing total cloud revenue by 19% to $ 2.9 billion. According to Synergy Research Group, Oracle did not collapse the top five global cloud infrastructure providers late last year. However, the company advertises its ability not only to attract legacy customers to its cloud products but also to attract new customers.
CEO Safra Catz said in a statement that the company saw a “significant increase in demand” for cloud infrastructure.
“We believe that this increase in revenue indicates that our infrastructure has now entered a phase of overdevelopment,” said Catz.
Before the transfer of hours, Oracle shares fell 27% for the year, slightly exceeding the performance of the Nasdaq, which has fallen 31%.
Oracle’s profit rate is particularly important as investors focus on companies that can generate profitability and cash in a recession.
I’M WATCHING: Oracle exceeds expectations
Oracle Profits (ORCL) 4th quarter 2022
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