Oracle CEO Safra Catz will deliver a keynote address at Oracle OpenWorld 2019 on September 17, 2019 in San Francisco, California. Oracle CEO Safra Catz kicked off the second day of Oracle OpenWorld 2019 with a keynote address. The annual conference runs through September 19th.
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Oracle shares moved 3% lower in extended trading on Wednesday after the software maker of the enterprise reported third-quarter fiscal earnings that exceeded analysts ’estimates and raised its quarterly share to 32 cents each allowance from 24 cents per portion.
Here’s how the company did it:
- Earnings: $ 1.16 per share, adjusted, vs. $ 1.11 per share as analysts would expect, according to Refinitiv.
- Income: $ 10.09 billion, vs. $ 10.07 billion as analysts would expect, according to Refinitiv.
Oracle revenue rose 3% year-over-year in the quarter, which ended Feb. 28, according to a report. Revenues grew nearly 2% in the previous quarter.
Oracle’s core business division, cloud services and license support, delivered $ 7.25 billion in revenue, up 5% year-over-year in the quarter and slightly below the FactSet consensus estimate of $ 7.28 billion.
Oracle’s cloud license and building license revenue amounted to $ 1.28 billion, up 4% and above the FactSet consensus of $ 1.21 billion. The company reported $ 820 million in hardware revenue, down 4% and just below the $ 843 million FactSet consensus.
In the quarter Oracle introduced a portable ruggedized server for running cloud workloads and announced that a 21c version of its database software was available as a cloud service.
Last week Barclays analysts led by Raimo Lenschow raised their rating on Oracle stock to a level equal to buying from the same as a hold, citing the belief that revenue growth would accelerate clouds. “We expect segments to recur, especially as investors’ desire for value names and cash-flow growth stories continues to evolve in a higher yielding environment emerging from the market. pandemic, “they wrote.
In terms of management, analysts surveyed by Refinitiv expected $ 1.28 in adjusted earnings per share for the fourth fiscal quarter and $ 10.84 billion in revenue, which would mean growth of around 4%.
Excluding the after-hours move, Oracle stock has risen about 12% since the start of 2021, while the S&P 500 index is up 4% over the same period. The stock had plummeted in February as some investors considered potential growth from cloud services. In the third fiscal quarter, Oracle ‘s capital spending came in at $ 1.42 billion, up 25%, and one of Oracle’ s cloud competitors, Microsoft, had $ 5.4 billion in fourth – quarter capital expenditure, up 20%.
Oracle last increased its share in 2019, when it rose 26%, compared to the 33% increase announced Wednesday.
Executives will discuss the results with analysts and issue guidance on a conference call starting at 5pm Eastern time.
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