Shares of Oracle (ORCL) are up 14% after the computer technology company reported strong quarterly financial results and offered upbeat forward guidance.
Oracle announced earnings per share (EPS) of $1.41 U.S. versus $1.38 U.S. that was expected among analysts who track the company’s progress.
Revenue for what was Oracle’s fiscal third quarter totaled $13.28 billion U.S. compared to $13.30 billion U.S. that was forecast. Sales were up 7% from a year earlier.
For the current quarter, Oracle said it expects earnings of $1.62 U.S. to $1.66 U.S. per share. Analysts were expecting $1.64 U.S. in earnings, according to LSEG.
The company said it anticipates revenue growth of 4% to 6% over sales of $13.80 billion U.S. a year ago. The midpoint of that range would be $14.50 billion U.S. Analysts were expecting $14.70 billion U.S.
Management said during an earnings call with analysts and media that they remain committed to their goal of reaching $65 billion U.S. in sales by fiscal 2026.
Oracle’s cloud service and license support segment, its largest business, saw sales rise 12% to $9.96 billion U.S. in the final quarter of 2023.
However, the company’s other units didn’t perform quite as well. Cloud license and on-premise sales declined 3% to $1.26 billion U.S. while hardware revenue fell 7% to $754 million U.S.
Prior to today (March 12), Oracle’s stock had risen 34% over the past 12 months to trade at $114.13 U.S. per share.
