Oracle Quarterly Earnings Beat Estimates, Revenue A Slight Miss
Oracle reported quarterly results late Monday that slightly missed revenue estimates and soundly beat on earnings. Oracle stock fell.
The database software company reported adjusted earnings of $1.03 a share on revenue of $9.73 billion. Analysts expected Oracle to report earnings of 97 cents on revenue of $9.75 billion, according to FactSet. The results were for its fiscal first quarter ended Aug. 31. Revenue climbed 4% from the year-ago period.
Oracle stock fell 3%, near 86.10, during after-hours trading on the stock market today
Cloud services and license support revenues were up 6% to $7.4 billion, in line with expectations. Cloud license and on-premise license revenues were down 8% to $813 million, below estimates of $861 million.
Over the past several years, Oracle has transitioned from an antiquated business of on-premises database software licensing and maintenance to a subscription-based software model that taps the benefits of cloud computing.
Oracle stock has an IBD Composite Rating of 92 and ranks No. 2 in the database software group behind Dropbox. Oracle's relative strength line is still near highs amid sideways price action since July.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.