2024-03-11 16:12:43 ET
Oracle Inc (NYSE: ORCL) is trading up in extended hours on Monday after reporting market-beating financial results for its third quarter.
Oracle stock up on impressive cloud revenue
The computer technology company continued to see strength in its cloud revenue that printed at $5.1 billion in Q3 – up 25% on a year-over-year basis.
Analysts, in comparison, were at billion. Safra Catz – the chief executive of Oracle Inc said in a press release today:
We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply.
The New York listed firm also announced 40 cents a share of quarterly cash dividend on Monday. has now gained roughly 45% over the past twelve months.
Watch here: https://www.youtube.com/embed/0WRKItGVNFs?feature=oembedOracle Q3 earnings snapshot
- Earned $2.4 billion versus the year-ago $1.89 billion
- Per-share earnings also climbed from 68 to 85 cents
- Adjusted EPS printed at $1.41 as per the earnings report
- Revenue jumped 7.0% year-over-year to $13.3 billion
- Consensus was $1.38 a share on $13.29 billion in revenue
Oracle ended its third quarter with a 29% increase in total remaining performance obligations to $80 billion. CEO Catz also said on Monday:
We expect that our Gen2 Cloud Infrastructure business will remain in a hypergrowth phase—up 53% in Q3—for the foreseeable future.
This is a developing story. Check back in a few minutes for more updates!
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