Oracle posted fiscal third-quarter adjusted earnings that surpassed analysts’ expectations.
The cloud technology behemoth’s adjusted earnings came in at $1.16, above the $1.11 per share expected by analysts (according to Refinitiv). Adjusted earnings surged +20% from the year-ago quarter.
Revenue for the quarter rose +3% on an annualized basis to $10.09 billion, vs. $10.07 billion expected by analysts, according to Refinitiv.
The cloud services and license support (72% of the company’s revenues) generated $7.25 billion in revenue, growing +5% year-over-year in the quarter. It was slightly lower than the FactSet consensus estimate of $7.28 billion.
Oracle’s cloud license and on-premises license revenue was up +4% to $1.28 billion, above the $1.21 billion FactSet consensus.
The company reported over +100% growth in its Gen2 Cloud Infrastructure revenue. Fusion Cloud ERP revenue grew +30% and its NetSuite Cloud ERP sales were up +24%.
The company’s hardware revenue fell -4% to $820 million, just under the $843 million FactSet consensus.
Safra Catz, Oracle’s CEO, expects $1.20 to $1.24 in adjusted earnings per share and 5% to 7% revenue growth in the fiscal fourth quarter. Analysts polled by Refinitiv had predicted $1.28 in adjusted earnings per share and the equivalent of 4% revenue growth.