By Denny Jacob
Oracle posted better than expected top and bottom line results in its latest quarter. Here’s what you need to know:
REVENUE: The business software giant reported $12.45 billion in revenue for the fiscal first quarter, up from $11.45 billion in the year-ago period. Analysts polled by FactSet expected $12.45 billion.
ADJUSTED EARNINGS: The Austin, Texas-based company posted adjusted earnings of $1.19 a share. Analysts polled by FactSet expected adjusted earnings of $1.15 a share.
NET INCOME: Oracle logged net income of $2.42 billion, up from $1.55 billion a year earlier. Analysts polled by FactSet expected $2 billion in net income.
WHAT WE WATCHED
–REVENUE: Cloud revenue in the quarter rose 30% to $4.6 billion, while cloud infrastructure revenue surged 66% to $1.5 billion in the period.
–COMMENTARY: “As of today, AI development companies have signed contracts to purchase more than $4 billion of capacity in Oracle’s Gen2 Cloud. That’s twice as much as we had booked at the end of Q4,” said Chairman Larry Ellison.
Write to Denny Jacob at [email protected]
Corrections & Amplifications
This article was corrected on Sept. 12, 2023. The original version incorrectly said analysts expected revenue of $12.25 billion, instead of $12.45 billion.
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