Shares of Oracle (ORCL) are up 12% today (June 14) after the software giant reported fiscal
fourth-quarter results that beat Wall Street’s expectations.
The Austin, Texas-based company announced that it earned $1.54 U.S. a share compared to
$1.37 U.S. that was expected by analysts, according to Refinitiv data. Revenue came in at
$11.84 billion U.S. versus $11.66 billion U.S. that was anticipated on Wall Street.
Oracle said that its revenue grew 5% from a year earlier, driven by growth in the company’s
cloud computing business that competes against Amazon Web Services (AMZN) and Microsoft
Azure (MSFT).
Oracle reported that its cloud infrastructure unit’s sales rose 36% in the quarter from a year ago,
increasing the company’s total cloud revenue by 19% to $2.9 billion U.S.
The earnings beat by Oracle comes as investors increasingly focus on stocks of companies that
are profitable and can generate cash during an economic downturn or recession.
Prior to today’s increase, Oracle’s stock was down 27% this year at $64.05 U.S. per share.
