Oracle Corporation (ORCL) Shares Slip on Revenue Miss

Oracle Corporation (NYSE:ORCL) reported its latest quarterly earnings results after the bell Monday.

Oracle Corporation (ORCL)The company announced third-quarter GAAP operating income of $3.4 billion, a 15% increase year-over-year, while GAAP operating income was 35%. Its non-GAAP operating income gained 9% to $4.3 billion year-over-year, while non-GAAP operating margin was 44%.

Oracle’s net income came in at a loss of $4 billion, or 98 cents per share, compared with a profit of $2.24 billion, or 53 cents per share in the year-ago period. On an adjusted basis, the company’s earnings were up 21% to $3.5 billion, or 83 cents per share.

Analysts were calling for adjusted earnings of 72 cents per share, according to FactSet. Oracle brought in revenue of $9.77 billion, a 6% surge year-over-year from $9.21 billion, which came in below the Wall Street consensus estimate of $9.78 billion, per FactSet.

Its cloud and on-premise software revenues gained 8% to $8 billion, while its cloud software as a service (SaaS) revenues gained 33% to $1.2 billion compared to the year-ago period. Oracle’s cloud platform as a service (PaaS) plus Infrastructure as a Service (IaaS) revenues gained 28% to $415 million year-over-year, with total cloud revenues gaining 32% to $1.6 bilion.

“During FY17, I forecast double-digit non-GAAP earnings per share growth for FY18,” said Oracle CEO, Safra Catz. “With non-GAAP earnings per share up 20% in Q3, our year-to-date earnings per share growth is now up to 16%. At this point, I feel quite confident that we will comfortably deliver on my original forecast of double-digit non-GAAP earnings per share growth for FY18.”

ORCL stock fell about 3% after the bell on the revenue miss.


Article printed from InvestorPlace Media, https://investorplace.com/2018/03/oracle-corporation-orcl-2/.

©2021 InvestorPlace Media, LLC