Oracle shares are trading near record levels after Q2 results

Oracle Corp. (NYSE: ORCL) published its earnings report for the fiscal third quarter on Wednesday that came in better than expected. The company reported a close to 100% annualised growth in its quarterly earnings.

Oracle shares were reported about 3% down in after-hours trading on Wednesday. Including the price action, the stock is now exchanging hands at a per-share price of £50.25. In comparison, Oracle had started the year 2021 at £45.75 per share. Learn more about the different types of stock investments.

Oracle’s Q3 financial results versus analysts’ estimates

Oracle said that its net income in the third quarter printed at £3.60 billion that translates to £1.21 per share. In the same quarter last year, its net income was capped at a significantly lower £1.84 billion, or 56.70 pence per share.

On an adjusted basis, the American multinational earned 83 pence per share in Q3 versus the year-ago figure of 69.61 pence per share. Oracle said that it generated £7.24 billion of revenue in the recent quarter – an increase from £7.03 billion last year.

According to FactSet, experts had forecast the company to report a marginally lower £7.23 billion of revenue in the third quarter. Their estimate for per-share earnings stood at 80 pence per share. In comparison, Oracle had noted £7.36 billion of revenue in the prior quarter (Q2).

Chief Executive Safra Catz commented on the financial update on Wednesday and said:

“Subscription revenue now accounts for 72% of Oracle’s total revenues, and this highly-predictable recurring revenue stream, along with expense discipline, are enabling double-digit increase in non-GAAP earnings per share.”

In separate news from the U.S., fashion retailer Express Inc. also published its quarterly financial results on Wednesday.

Other prominent figures in Oracle’s earnings report

Other prominent figures in Oracle’s earnings report on Wednesday include a 30% year over year increase in Fusion app sales in Q3, and a 24% annualised growth in revenue from NetSuite’s financial software.

Clouse services and license support, the world’s second-largest software company added, saw a 5% growth in third-quarter revenue. Cloud license and on-premise license, on the other hand, posted a 4% increase in sales.

Oracle performed fairly upbeat in the stock market last year with an annual gain of roughly 20%. At the time of writing, the computer technology corporation is valued at £152.38 billion and has a price to earnings ratio of 21.88.

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