Oracle Corp. (NYSE:ORCL) released its first-quarter results after Tuesday's closing bell. Here's a look at the details in the report.
See what is driving the ORCL stock movement here.
The Details: Oracle reported quarterly earnings of $1.47 per share, which missed the analyst consensus estimate of $1.48.
Quarterly revenue came in at $14.92 billion, which missed the Street estimate of $15.03 billion and is up from revenue of $13.3 billion from the same period last year.
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“MultiCloud database revenue from Amazon, Google and Microsoft grew at the incredible rate of 1,529% in the first quarter,” said Oracle Chairman and Chief Technology Officer Larry Ellison.
“We expect MultiCloud revenue to grow substantially every quarter for several years as we deliver another 37 datacenters to our three Hyperscaler partners, for a total of 71,” Ellison added.
Oracle reported the following first quarter figures:
- Q1 Cloud Revenue (IaaS plus SaaS) $7.2 billion, up 27% in constant currency
- Q1 Cloud Infrastructure (IaaS) Revenue $3.3 billion, up 54% in constant currency
- Q1 Cloud Application (SaaS) Revenue $3.8 billion, up 10% in constant currency
- Q1 Fusion Cloud ERP (SaaS) Revenue $1 billion, up 16% in constant currency
- Q1 NetSuite Cloud ERP (SaaS) Revenue $ billion, up 15% in constant currency
“We signed four multi-billion-dollar contracts with three different customers in the first quarter,” said Oracle CEO Safra Catz.
“This resulted in RPO contract backlog increasing 359% to $455 billion. It was an astonishing quarter — and demand for Oracle Cloud Infrastructure continues to build. Over the next few months, we expect to sign up several additional multi-billion-dollar customers and RPO is likely to exceed half-a-trillion dollars,” Catz said.
Outlook: CEO Catz teased significant revenue growth in the quarters ahead.
“As a bit of a preview, we expect Oracle Cloud Infrastructure revenue to grow 77% to $18 billion this fiscal year — and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the subsequent four years,” Catz said.
ORCL Stock Price: According to data from Benzinga Pro, Oracle stock was up 20.60% at $241.51 in Tuesday's extended trading.
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