Oracle Corp (NYSE: ORCL) said on Monday its earnings beat Wall Street estimates in the fiscal first quarter. Shares of the company, however, tanked about 4.0% in after-hours trading on weaker-than-expected revenue.
Q1 financial performance
Oracle reported $2.46 billion in net income that translates to 86 cents per share. In the comparable quarter of last year, it had posted $2.25 billion in net income or 72 cents per share. On an adjusted basis, the American multinational earned $1.03 per share versus the year-ago figure of 93 cents.
The computer technology company generated $9.73 billion in revenue in the first quarter – an increase from $9.37 billion last year. According to FactSet, experts had forecast 97 cents of adjusted EPS on $9.76 billion in revenue.
Dividend and other notable figures
Oracle declared 32 cents per share of a quarterly dividend on Monday. Other notable figures in the earnings report include a 6% growth in revenue from cloud services and licence support to $7.4 billion, roughly in line with estimates.
Cloud license and on-premise license revenue printed at $813 million (8% lower than last year), falling shy of the Street estimate that stood at about $860 million, as per the earnings press release.
Future outlook
In the fiscal second quarter, Oracle forecasts its revenue to grow by up to 5.0% on $1.09 to $1.13 of non-GAAP per-share earnings. Revenue from cloud services and license support is expected to jump more than 5.0%.
CEO Safra Catz expects to revenue to see a similar growth for the full-year as well with operating margins same or better than pre-pandemic levels. The $248 billion company now has a price to earnings ratio of 19.54.
The post Oracle shares are trading lower after-hours: here’s why appeared first on Invezz.
from USA – Invezz https://ift.tt/3A8nFnW
Wajeeh Khan
Click here to Join RICH DAD SUMMIT online with ROBERT KIYOSAKI - $1 Training for Passive Income: https://bit.ly/RichDadSummitWealthTraining
0 Comments