Oracle shares soar 13% on better-than-expected quarterly earnings
Publishing timestamp: 2024-03-11 18:23:40
Summary
Oracle reported earnings beat in its quarterly results, with revenue slightly below expectations. The company's cloud services and license support segment saw a 12% increase in revenue. Shares rose 13% in extended trading. Oracle expects earnings of $1.62 to $1.66 per share for the fiscal fourth quarter. CEO Safra Catz expressed confidence in hitting sales goals by fiscal 2026. Revenue rose 7% in the quarter, with net income climbing 27%. Cloud revenue rose 25% year over year. Other units, such as cloud license and on-premise sales, declined. Oracle shares were up 8.7% for the year prior to the report.
Sentiment: POSITIVE
Tickers: ORCL,
Keywords: oracle corp, business, earnings, apple inc, safra catz, larry ellison, technology, dividends, business news, mobile, breaking news: technology,
Source: https://www.cnbc.com/2024/03/11/oracle-shares-rise-on-better-than-expected-quarterly-earnings.html