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Thursday, December 09, 2021 8:00:08 PM
By: TheStreet | December 9, 2021
• Oracle stock was up more than 10% in after-hours trading after the company reported strong quarterly results.
Oracle (ORCL) reported that total revenue grew by 6% to $10.4 billion driven by a 22% gain in cloud revenue to $2.7 billion.
The Austin-based company delivered $1.21 per share in earnings on a non-GAAP basis, a 14% increase over the year-ago period. The revenue number was an increase from $9.8 billion a year ago and above analyst expectations of $10.21 billion. Projections for earnings per share were at $1.11.
Cloud services and license support revenue was up 6% year over year at $7.55 billion while revenue from cloud license and on-premises license was up 13% at $1.24 billion. Oracle predicts that this cloud services and license support will grow by another 6% to 8% in the next quarter.
"These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue," said CEO Safra Catz in the earnings release. "We now have 8,500 Fusion ERP customers with revenue growing 35%, 28,400 NetSuite ERP customers with revenue growing 29%, and our Gen2 infrastructure businesses are growing even faster—and accelerating."
Oracle stock is up 10.12% in after-hours trading after the tech giant reported earnings that beat analyst estimates.
Technically, Oracle Lost Money
That said, Oracle did register a loss of $1.25 billion from net income of $2.44 billion a year ago after the company made a judgment to settle a dispute regarding its hiring of former co-CEO Mark Hurd.
The strong numbers are, in large part, due to consumers spending more on cloud services amid the pandemic and increased working from home even as the company also reported that 75% of its Enterprise Resource Planning customers have not yet transitioned to cloud.
The company also announced plans to open data centers in Colombia, Israel, Italy, France, Mexico, Singapore, South Africa, and Sweden.
Along with the present boost in after-hours trading, Oracle stock is up more than 35% since the start of the year.
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