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- Oracle stock rises in after-hours as earnings top Wall Street expectations
- Home
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- Oracle stock rises in after-hours as earnings top Wall Street expectations
- Founded: 1977
- Headquarters: Austin, Texas, United States
- Number of employees: 164,000 (2023)
- Industry: Enterprise software, business software, cloud computing, computer hardware, consulting
- Key people: Larry Ellison (Executive Chairman & CTO), Jeff Henley (Vice Chairman), Safra Catz (CEO)
- 5 day: +0.06%
- 1 month: -1.48%
- 3 months: -0.87%
- Year-to-date: +8.25%
- 1 year: +34.38%
- Piper Sandler: $122
- BMO Capital Markets: $126
- UBS Group: $125
- Wolfe Research: $130
- Evercore ISI: $130
- Morgan Stanley: $105
- Guggenheim: $150
- Berenberg Bank: $110
- Mizuho: $150
- HSBC: $144
- DZ Bank: $125
- JP Morgan Chase & Co.: $100
- DA Davidson: $104
- Barclays: $147
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
News & AnalysisNews & AnalysisOracle stock rises in after-hours as earnings top Wall Street expectations
12 March 2024 By Klavs ValtersOracle Corporation (NYSE: ORCL) announced the latest financial results for Q3 of fiscal 2024 after the market close on Monday.
The US software and hardware manufacturer did not disappoint investors as both revenue and earnings per share (EPS) topped estimates.
The company achieved revenue of $13.3 billion for the previous quarter vs. $13.286 billion expected. Revenue grew by 7% year-over-year.
EPS reached $1.41 vs. $1.377 per share expected. EPS was up by 16% vs. the same period the year before.
Oracle announced a quarterly dividend of $0.40 a share.
Company overview
CEO commentary
Safra Catz, CEO of Oracle had this to say to investors following the latest results: “Large new cloud infrastructure contracts signed in Q3 drove Oracle’s total Remaining Performance Obligations up 29% to over $80 billion—an all-time record.”
“We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply—despite the fact we are opening new and expanding existing cloud datacenters very, very rapidly. We expect that 43% of our current $80 billion of Remaining Performance Obligations will be recognized as revenue over the next four quarters, and that our Gen2 Cloud Infrastructure business will remain in a hypergrowth phase—up 53% in Q3—for the foreseeable future,” Catz concluded.
Stock reaction
Shares were up by 1.52% at the end of trading session on Monday at $114.13 a share.
The stock rose by over 9% in the after-hours trading.
Stock performance
Oracle stock price targets
Oracle Corporation is the 31st largest company in the world with a market cap of $313.73 billion, according to CompaniesMarketCap.
You can trade Oracle Corporation (NYSE: ORCL) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.
GO Markets offers pre-market and after-market trading on popular US Share CFDs.
Why trade during extended hours?
Sources: Oracle Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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