Oracle Turns A Corner As Cloud Revenues Boom, Earnings Top

March 16, 2017 Off By Hoofer

Grazed from Investors. Author: Brian Deagon.

Database software provider Oracle (ORCL) reported fiscal third quarter earnings late Wednesday that cruised past estimates as the software giant’s transition to a cloud-based model picks up momentum. Oracle reported non-GAAP revenue of $9.3 billion, just topping the consensus estimate of $9.25 billion and 3% above a year earlier. It reported earnings per share minus items of 69 cents a share excluding various items, up 8% vs. a year earlier beating the consensus estimate of 62 cents, as polled by Thomson Reuters.

Oracle sees fiscal Q4 down 1% to up 2%. The midpoint for a 0.5% rise would slightly exceed Wall Street forecasts for a 0.2% uptick to $10.618 billion. Oracle also sees Q4 EPS of 78-82 cents in constant currency, though it’s unclear how that compares to analysts’ target for 78 cents. The software giant also hiked its quarterly dividend to 19 cents a share from 15 cents…

Oracle stock rose 5% in after-hours trading to 45.18, which would be the highest since the all-time high of 46.70 set in December 2014. Oracle had closed up 0.6% to 43.04 on the stock market today. Oracle has been in buy range from a 42.10 entry point…

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