Oracle Reports Better-Than-Expected Q1 Fiscal Year 2024 Results; Shares Rise
Company Exceeds Earnings and Revenue Estimates, Raises Guidance
Key Financial Highlights:
- Total revenue: $12.27 billion, up 18% year-over-year
- Net income: $3.16 billion, up 24% year-over-year
- Earnings per share (EPS): $1.19, up 25% year-over-year
Oracle Corporation, a global leader in cloud computing and software, announced strong financial results for the first quarter of fiscal year 2024. The company reported better-than-expected earnings and revenue, driven by continued growth in its cloud services business.
Oracle's total revenue for the quarter grew by 18% year-over-year to $12.27 billion. This growth was primarily driven by a 43% increase in cloud services revenue, which reached $9.8 billion. The company's software and services revenue also increased by 5% to $2.47 billion.
Oracle's net income for the quarter increased by 24% year-over-year to $3.16 billion. The company's operating expenses also increased by 11% to $9.11 billion. However, Oracle's operating margin remained stable at 35%.
In terms of earnings per share (EPS), Oracle reported an increase of 25% year-over-year to $1.19. This beat analysts' expectations and contributed to a 5% rise in Oracle's stock price in after-hours trading.
Oracle also raised its guidance for the fiscal year 2024. The company now expects total revenue to grow by 18-20% and earnings per share to grow by 17-19%. This reflects Oracle's confidence in the continued growth of its cloud business.
Overall, Oracle's strong first-quarter results demonstrate the company's ability to execute on its cloud strategy. The company's continued growth in cloud services and its strong financial performance position it well for continued success in the future.
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