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Oracle 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.
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Sources: Oracle Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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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