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Oracle Earnings: ORCL Stock Jumps 3% on Strong Q1 Results

Oracle (NYSE:ORCL) earnings for the tech company’s fiscal first quarter of 2021 have ORCL stock heading higher after-hours Thursday. That’s thanks to its adjusted earnings per share of 93 cents beating Wall Street’s estimate of 86 cents. Revenue of $9.37 billion also comes in above analysts’ estimate of $9.19 billion.

The Oracle (ORCL) sign hangs on an Oracle office in Deerfield, Illinois.
Source: Jonathan Weiss / Shutterstock.com

Here’s what else is worth noting from the most recent Oracle earnings report.

  • Adjusted per-share earnings are up 15% from 81 cents during the same time last year.
  • Revenue for the quarter is sitting 2% higher than the $9.22 billion reported in fiscal Q1 2020.
  • Operating income of $3.21 billion is a roughly 12% increase year-over-year from $2.88 billion.
  • The Oracle earnings report also has net income coming in at $2.25 billion.
  • That’s a 5% jump from the company’s net income of $2.14 billion reported in the same period of the year prior.

Safra Catz, CEO of Oracle, said the following in the earnings report.

“Our cloud applications businesses continued their rapid revenue growth with Fusion ERP up 33% and NetSuite ERP up 23%. We now have 7,300 Fusion ERP customers and 23,000 NetSuite ERP customers in the Oracle Cloud. Our infrastructure businesses are also growing rapidly as revenue from Zoom more than doubled from Q4 last year to Q1 in this year. I have a high level of confidence that our revenue will accelerate as we move on past COVID-19.”

Oracle doesn’t include guidance in its current earnings report. This has it following many other companies not discussing outlooks during the novel coronavirus pandemic.

ORCL stock was up 2.7% after markets closed on Thursday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/09/oracle-earnings-pump-orcl-stock-up/.

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