FMP

FMP

Enter

Oracle Stock Jumps 12% After Beating Q1 Estimates and Announcing Key Google Cloud Partnership

- (Last modified: Sep 11, 2024 1:05 AM)

twitterlinkedinfacebook
blog post cover photo

Image credit: FMP

Oracle (NYSE:ORCL) shares surged over 12% intra-day on Tuesday after the company reported first-quarter results that exceeded Wall Street expectations.

The tech giant posted adjusted earnings per share of $1.39, surpassing the anticipated $1.32, with revenue coming in at $13.31 billion, also ahead of the expected $13.23 billion.

Oracle's cloud services and license support division generated $10.52 billion in revenue, reflecting a 10% year-over-year increase and topping the $10.47 billion Street estimate.

In its cloud and on-premises license segment, Oracle reported $870 million in revenue, marking a 7% growth, which surpassed expectations of $757.6 million.

The company’s cloud infrastructure business demonstrated strong performance with revenue of $2.2 billion, a 45% rise from the previous year. This marks an acceleration from the prior quarter's 42% increase, underscoring Oracle's growing presence in cloud computing.

Looking ahead, Oracle anticipates revenue growth of 8% to 10% for the current quarter, according to CEO Safra Catz. This aligns closely with analysts' projections of around 9% growth. The company also provided guidance for second-quarter earnings per share in the range of $1.45 to $1.49, compared to Street estimate of $1.47.

In a notable development for cloud and database technology, Oracle and Google Cloud have launched Oracle Database services within Google Cloud regions. This collaboration enhances multicloud strategies, allowing customers to deploy Oracle's database solutions directly within Google Cloud data centers.

Other Blogs

May 14, 2024 11:41 AM - Sanzhi Kobzhan

The easiest way to calculate stock’s target price and why the target price is important.

A stock's target price, also known as its fair value, is an indication of what a share can cost based on the company’s forecasted financial statements. It is important to know a stock's fair value to find undervalued stocks with great growth potential. Let's consider how investment analysts calculat...

blog post title

May 24, 2024 9:30 AM - Rajnish Katharotiya

How to Access and Analyze Earnings Call Transcripts

Earnings call transcripts are invaluable resources for investors, analysts, and financial enthusiasts. They provide insights into a company's performance, strategy, and future outlook, making them essential for making informed investment decisions. With Financial Modeling Prep, Earnings Call Transcr...

blog post title

May 27, 2024 3:30 PM - Rajnish Katharotiya

The best 5 GPU stocks other than NVDA

In the ever-evolving world of technology, certain sectors have consistently demonstrated exceptional growth and innovation. The graphics processing units (GPUs) industry is one such sector, offering investors a golden opportunity for potentially high returns. In this blog, we'll delve into why inves...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep