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Investing.com – Oracle (NYSE:ORCL) reported Thursday fiscal first-quarter results that beat analysts’ forecasts and revenue that topped expectations, led by growth in its cloud applications business.
Oracle was up 5% in after-market hours.
Oracle announced earnings per share of $0.93 on revenue of $9.37B. Analysts polled by Investing.com anticipated EPS of $0.86 on revenue of $9.17B.
Cloud services and license support revenues were up 2%, to $6.9 billion year-on-year.
“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,” the company said
Oracle shares are up 7% from the beginning of the year, still down 4.18% from its 52 week high of $59.31 set on September 2. They are outperforming the S&P 500 which is up 3.28% from the start of the year.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
