Oracle (NYSE:ORCL) unveiled its latest quarterly earnings results late today, amassing a profit that was stronger than what analysts called for, while the brand’s revenue was also ahead of the mark, playing a role in lifting ORCL stock more than 2% after hours Wednesday.
The Redwood City, Calif.-based software business said that for its fourth quarter of its fiscal 2019, it brought in an adjusted profit of $1.16 per share when excluding certain items. This figure was roughly 9 cents per share ahead of the Wall Street consensus estimate, which came in at adjusted earnings of $1.07 per share, according to the average guidance of analysts, per Refinitiv.
Oracle added that its sales increased 1% when compared to the year-ago quarter, reaching $11.14 billion and coming in ahead of the $10.93 billion that analysts predicted, per Refinitiv. The company’s Cloud Services and License Support business, which is its largest segment, tallied in $6.80 billion in revenue, better than the $6.76 billion consensus outlook, per analysts polled by FactSet.
Its Cloud License and On-Premise License segment raked in $2.52 billion in revenue, ahead of the $2.32 billion FactSet forecast. Oracle said its quarterly success could be attributed to growth in cloud applications such as NetSuite and Fusion–the business also reduced its workforce and inked a partnership with competitor MIcrosoft.
ORCL stock is gaining about 2.7% after the bell today following the company’s quarterly earnings results. Shares had been down about 0.4% during regular trading hours on Wednesday.