Oracle Corporation (ORCL) Shares Sink Despite Earnings Beat

Oracle Corporation (NYSE:ORCL) reported on a mixed quarter that saw its cloud business underwhelm.

Oracle Corporation (ORCL)investorplace.com/wp-content/uploads/2013/07/OraclePromo-85×17.jpg 85w, investorplace.com/wp-content/uploads/2013/07/OraclePromo-65×13.jpg 65w, investorplace.com/wp-content/uploads/2013/07/OraclePromo-100×21.jpg 100w, investorplace.com/wp-content/uploads/2013/07/OraclePromo-150×31.jpg 150w, investorplace.com/wp-content/uploads/2013/07/OraclePromo-170×35.jpg 170w, investorplace.com/wp-content/uploads/2013/07/OraclePromo-78×16.jpg 78w” sizes=”(max-width: 200px) 100vw, 200px” />For its second quarter, the company posted revenue of $9.62 billion, topping Wall Street’s expectations of $9.57 billion, according to Thomson Reuters. The figure also grew 6% year-over-year.

Oracle’s on-premises software made up the largest chunk of the company’s revenue at $6.3 billion, a 3% gain year-over-year, while its new software licensing revenue of $1.35 billion was flat. The company also added $1.52 billion in cloud revenue, below the $1.56 billion that analysts polled by FactSet expected.

The company’s cloud revenue comes from its applications, platforms and infrastructure. Earnings for the company’s quarter was 70 cents per share on an adjusted basis, beating the Thomson Reuters outlook of 68 cents per share.

Oracle also announced public cloud infrastructure and platform revenue of $396 million for the quarter, a 21% increase compared to the year-ago mark, but below FactSet’s expectations.

During the company’s quarter, it expanded on a number of its businesses for its product portfolio. It made these announcements at the OpenWorld conference in San Francisco, which included the “autonomous” database software technology that updates itself automatically.

Oracle also announced it its quarterly statement that it had increased its authorization of share repurchases by $12 billion.

ORCL stock fell 4.5% after hours on Thursday.

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