Shares in Oracle eked out a small gain on Tuesday after the company's fiscal fourth quarter earnings and revenue beat consensus estimates. Cloud computing growth for ORCL stock also came in above expectations.
The database software and cloud computing giant reported fiscal Q4 financial results late Monday. Oracle said adjusted earnings rose 8% year over year to $1.67 a share in the quarter ended May 31. Revenue climbed 17% to $13.8 billion.
Analysts had expected Oracle to earn an adjusted $1.58 a share on revenue of $13.74 billion, according to FactSet.
ORCL Stock News: Cloud Growth Beats
ORCL stock initially rose over 5% but closed up 0.2% to 116.68 on the stock market today.
Cloud services and license support revenue came in at $9.4 billion, up 23% vs. estimates for 22% growth.
But Oracle's older business units continue to struggle. On-premise and cloud license revenue fell 15% to $2.2 billion.
For the first quarter of fiscal 2024, Oracle forecast revenue growth of 8%, in line with estimates.
Heading into the Oracle earnings report shares had jumped 47% in 2023. ORCL stock owns an IBD Relative Strength Rating of 95 out of a best-possible 99, according to IBD Stock Checkup.
The software maker acquired health care giant Cerner in 2022. Meanwhile, Oracle has shelved its repurchase program for ORCL stock.
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