Oracle shares rise 7% on strong earnings
Oracle announced strong quarterly financial results that exceeded analyst expectations, recording earnings of $1.92 per share and revenues of $19.35 billion during the first quarter of the fiscal year, with a 30% year-over-year revenue growth. Cloud services revenue grew by 62%, reaching $11.6 billion and surpassing expectations, while software revenues declined by 3%. The company projects increased profitability in the next quarter, estimated between $1.85 and $1.93 per share, with revenue growth between 30% and 34%. Despite the positive results, issues with cash flow and credit rating have led to a 22% drop in the stock since the beginning of the year. Oracle continues to invest in data centers and expand AI services, signing large contracts such as a deal with the U.S. Department of Defense valued at up to $7 billion over 10 years.
Notice: This Is an AI-Generated Summary
Comments (0)