Oracle reports strong earnings, but the stock sinks almost 4%
Kimberly White/Stringer/Getty Images
The database giant posted:
- Quarterly revenue of $9.63 billion, versus an analyst estimate of $9.57 billion, and up 6.2% year-over-year.
- Adjusted earnings of $0.70 per share, compared with estimates of $0.68.
In a press release, Oracle attributes much of its growth to its cloud computing business, which it says grew 44% from the year-ago period to revenues of $1.5 billion.
Oracle's cloud computing software and services compete head-to-head with the likes of Amazon Web Services and Microsoft Azure, which are seen as the leaders in the enterprise cloud market. Amazon Web Services is expected to do $18 billion in revenue this year, while Microsoft's cloud computing business is on a $20 billion annualized run rate.
It's led to a major cloud computing battle, as Amazon and Microsoft release new products to steal away Oracle customers, even as Oracle chairman Larry Ellison and Amazon engage in an ongoing war of words over who owns the future of the market.
Oracle CEO Mark Hurd said in Thursday's announcement that the company expects to close $2 billion in enterprise cloud software subscription deals over the next four quarters, reflecting the company's emphasis on the cloud.
- I've had the new iPhone 14 for 2 weeks. I should've listened to Steve Jobs' daughter because I now regret buying it.
- China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994
- Airtel 5G launched in eight cities, entire country to be covered by 2024
- Essential food item prices spiked in the last one year
- SC to hear SEBI's review petition against RIL on Oct 12
- OPINION: Can trust-based philanthropy become the mainstream?
- PM Modi on India’s 5G launch – here are the key points from the speech
- PM Modi inaugurates India Mobile Congress, experiences 5G devices being showcased
- Tata Tiago Electric Car
- HCL Tech
- World Heart Day 2022
- Apple Tablets in Amazon Sale
- RBI Repo Rate
- Akash Ambani
- Amazon festival Sale
- Upcoming new Mobile in October
- Amazon Festival Sale
- Best Companies for Work
- India's Richest People
- RBI Interest Rate hike
- Upcoming Smartphone in 2022
- Top 10 Colleges in India
- Top 10 Airlines in World