Oracle (NYSE:ORCL) stock is on the rise Friday thanks to the computer tech company’s earnings report for its fiscal second quarter of 2022.
Let’s break down those earnings below so we know why holders of ORCL stock are celebrating today!
- Starting off, the company reported adjusted earnings per share of $1.22.
- That’s a positive for ORCL considering Wall Street’s adjusted EPS estimate of $1.11 per share.
- It also represents a 14% increase from the same period of the year prior.
- In addition to that, Oracle reported a revenue of $10.36 billion.
- That’s better than the $10.21 billion that analysts were looking for.
- To go along with that, revenue is up 6% from the $9.8 billion reported during the same time last year.
Safra Catz, CEO of Oracle, said the following in the earnings report.
“These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue. We now have 8,500 Fusion ERP customers with revenue growing 35%, 28,400 NetSuite ERP customers with revenue growing 29%, and our Gen2 infrastructure businesses are growing even faster—and accelerating.”
It’s also worth highlighting several price target increases for ORCL stock today following its strong earnings results. Among these are Cowen, BMO Capital Markets, Barclays, Citigroup, Credit Suisse Group, and quite a few others.
Today’s news also has ORCL stock seeing heavy trading. This has some 23 million shares of the stock changing hands as of this writing. That’s quite the jump from its daily average trading volume of roughly 10 million shares.
ORCL stock is up 13.3% as of Friday morning and is up 57.7% since the start of the year.
There’s more stock market news for investors to check out below!
InvestorPlace offers up daily coverage of the market and today is no different. Among that is what has shares of Everbridge (NASDAQ:EVBG), MeaTech3D (NASDAQ:MITC), and Context Therapeutics (NASDAQ:CNTX) on the move. You can learn all about that at the following links!
More Stock Market News for Friday
- EVBG Stock: 10 Things to Know About Everbridge CEO’s Exit as Shares Plunge
- MITC Stock: The Lab-Grown Steak Breakthrough That Has MeaTech3D Looking Tasty Today
- CNTX Stock: The Breast Cancer Clinical Trial Data That Has Context Therapeutics Soaring Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.