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Oracle Stock Rises on Strong Earnings

Oracle revenue rose 18% in its latest quarter.

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Brent Lewin/Bloomberg

Oracle
shares were moving higher late Monday after the company posted better-than-expected financial results for its latest quarter. The enterprise software giant continued to see success in shifting more of its business to the cloud during the period.

For the fiscal second quarter ended Nov. 30, Oracle (ticker: ORCL) posted revenue of $12.28 billion, up 18% from a year ago, or 25% adjusted for currency. The company had projected growth in the 15% to 17% range as reported, or 21% to 23% adjusted for currency.

Oracle noted that revenue in the quarter was more than $200 million ahead of the company’s own expectations.

On an adjusted basis, Oracle earned $1.21 a share in the quarter, 3 cents ahead of the Wall Street consensus. Under generally accepted accounting principles, the company earned 63 cents a share. Oracle said that earnings adjusted for currency would have been 9 cents a share higher.

The company said its infrastructure cloud business grew 59% in the quarter, while cloud based applications grew 45%.

Oracle in late trading is up 2%, to $82.62.

Write to Eric J. Savitz at eric.savitz@barrons.com

Credit: marketwatch.com

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