ORCL Stock: Oracle’s Best Earnings Estimates on Cloud Computing Growth

Oracle (ORCL) Monday night beat consensus estimates for sales and earnings in its fiscal fourth quarter, as cloud computing growth came in slightly better than expected. ORCL stock rose on the news.




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The database software and cloud computing giant said adjusted earnings rose 8% year-over-year to $1.67 per share in the quarter ended May 31. Revenue climbed 17% to $13.8 billion.

Analysts had expected Oracle to earn $1.58 adjusted per share on revenue of $13.74 billion, according to FactSet.

The Austin, Texas-based company typically provides guidance on its earnings call with analysts.

ORCL Stock News: Cloud Growth Beats

ORCL stock rose 5.1% to 122.38 in extended trading in the stock market today. In Monday’s regular session, shares rose 6% to close at 116.43.

Cloud services and license support revenue was $9.4 billion, up 23% from growth estimates of 22%.

But Oracle’s former business units continue to struggle. On-premises and cloud licensing revenue fell 15% to $2.2 billion.

Heading into Oracle’s earnings report, stocks had jumped 47% in 2023. ORCL stock has an IBD relative strength rating of 95 out of the best possible 99, according to IBD Stock Checkup.

The software maker acquired healthcare giant Cerner in 2022. Meanwhile, Oracle suspended its ORCL share buyback program.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

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