Oracle (NYSE:ORCL) stock is on the move Tuesday as investors react to the newest data from the company’s earnings report for the fiscal first quarter of 2023.
The earnings report from Oracle is mixed with its adjusted earnings per share of $1.03 missing Wall Street’s estimate of $1.07. However, the company’s revenue of $11.44 billion matches what analysts were looking for during the period.
Oracle attributes that earnings per share miss to the strengthening of the U.S. dollar. The company says that without taking that into account, its adjusted EPS would’ve come in 8 cents higher.
Investors will also note that Oracle’s adjusted EPS for the quarter didn’t increase from the same time last year. That’s despite the company seeing an 18% increase year over year in revenue compared to $9.73 billion.
Looking to the Future
Safra Catz, CEO of Oracle, said the following about how Oracle will perform down the line.
“As our cloud businesses become a larger-and-larger percentage of our overall business, we expect our constant currency organic revenue growth rate to hit double-digits with a corresponding increase in earnings per share. Cerner will also positively impact revenue and earnings per share growth in the coming quarters as we fully integrate Cerner into Oracle and benefit from the resulting cost efficiencies.”
ORCL stock is up slightly as of Tuesday morning but is still down 11.8% since the start of the year.
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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.
