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US software and hardware manufacturer, Oracle Corporation (NYSE: ORCL), announced results for its fiscal 2024 second quarter after the market close on Monday.
Company overview
The results
Oracle reported revenue that fell short of analyst estimates of $12.941 billion (an increase of 5% year-over-year) for the quarter vs. $13.052 billion expected.
Earnings per share (EPS) reported at $1.34 per share, above analyst estimate of $1.327 per share.
CEO commentary
“Demand for our Cloud Infrastructure and Generative AI services is increasing at an astronomical rate. As a measure of that demand, Oracle’s total Remaining Performance Obligations (RPO) climbed to over $65 billion—exceeding annual revenue. Our cloud businesses are now at nearly a $20 billion-dollar annual revenue run rate, and cloud services demand continues to grow at unprecedented levels. Business is good and getting better,” Safra Catz, CEO of the company highlighted the growth of the company in a statement to investors.
Stock reaction
Shares were up by 1.34% at the end of trading on Monday at $115.13 a share.
The stock fell in the after-hours trading by around 9% after Oracle missed revenue estimates for the previous quarter.
Stock performance
Oracle stock price targets
Oracle Corporation is the 26th largest company in the world with a market cap of $315.22 billion.
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Sources: Oracle Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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