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Oracle (ORCL) reported May-quarter earnings and revenue on Monday that topped consensus estimates as cloud computing growth came in slightly above expectations. ORCL stock rose on the news.
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The database software and cloud computing giant reported fiscal fourth-quarter earnings after the market close. The company typically provides guidance for Oracle stock on its earnings call with analysts.
Oracle earnings for the quarter ended May 31 were an adjusted $1.67 a share on revenue of $13.8 billion. Adjusted profit rose 8% from a year earlier while revenue climbed 17%.
Analysts expected Oracle to earn an adjusted $1.58 a share on revenue of $13.74 billion, according to FactSet.
ORCL stock rose 3.9% to near 121 in extended trading on the stock market today. In Monday’s regular session, shares rose nearly 6%.
ORCL Stock: Cloud Growth Beats
Cloud services and license support revenue came in at $9.4 billion, up 23% vs. estimates for 22% growth.
Heading into the Oracle earnings report shares had jumped 47% in 2023. ORCL stock owns an IBD Relative Strength Rating of 95 out of a best-possible 99, according to IBD Stock Checkup.
The software maker acquired health care giant Cerner in 2022. Meanwhile, Oracle has shelved its repurchase program for ORCL stock.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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