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Oracle Earnings: ORCL Stock Heading 4% Higher on Q3 Beat

Oracle (NYSE:ORCL) earnings for fiscal third quarter of 2020 have ORCL stock up after-hours Thursday. This is thanks to its adjusted earnings per share (EPS) of 97 cents, which beats out Wall Street’s estimate of 96 cents. The computer tech company’s revenue of $9.8 billion also comes in above analysts’ estimates of $9.75 billion.

Oracle Earnings: ORCL Stock Heading 4% Higher on Q3 Beat
Source: Jonathan Weiss / Shutterstock.com

Here are some additional highlights from the most recent Oracle earnings report.

  • Adjusted per-share earnings are up 11.49% from 87 cents during the same time last year.
  • Revenue for the quarter comes in 1.98% higher than the $9.61 billion in the fiscal third quarter of 2019.
  • Operating income of $3.53 billion is a 3.82% increase year-over-year from $3.4 billion.
  • The Oracle earnings report also includes a net income of $2.57 billion.
  • That’s a 6.55% drop from the company’s net income of $2.75 billion in the same period of the year prior.

Safra Catz, CEO of Oracle, said the following about the ORCL stock earnings.

“We had an extremely strong quarter with Total Revenues growing 3% in constant currency. Subscription revenues, made up of Cloud Services and License Support revenues, grew 5% in constant currency. These consistently growing and recurring subscription revenues now account for 71% of total company revenues, thus enabling a sequential increase in our operating margin, and double-digit non-GAAP Earnings Per Share growth in Q3.”

Leaders will be going over the Oracle earnings report via a conference call. It will take place at 5:00 p.m. Eastern Time. Listeners can call in or listen via a webcast.

ORCL stock was up 3.82% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/oracle-earnings-boosts-orcl-stock/.

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