The sign is in front of the headquarters of Oracle.
The company reported earnings and revenue that beat analyst estimates, and shares of the company rose in morning trading.
The stock is on track for its best day since March 2020. The spike will add $42 billion to the market cap.
The company reported adjusted earnings of $1.21 per share, beating analyst estimates of $1.11 per share. It brought in $10.36 billion in revenue, beating estimates.
Wall Street liked the cloud strategy of Oracle.
The price target for Oracle was raised byDeutsche Bank to $120. According to analysts atDeutsche Bank,Oracle reported its cleanest quarter in several years and INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals While strong validation of Oracle's strategy, it also appears we are finally seeing an ongoing positive mix shift drive a meaningful inflection in the financials.
Despite a valuation multiple that hasn't seen in nearly 15 years, we believe the next leg up would be driven by confidence in OCI as a credible player in the broader public cloud market.
The equivalent of a hold rating was maintained by both of the aforementioned firms.
The company reported a net loss of $1.25 billion for the quarter, compared to net income of $2.44 billion in the year-ago quarter. That was due to a judgement in a long-running dispute related to former CEO Mark Hurd's arrival at the company in 2010 from HP. The man died in 2019.
The fiscal third quarter guidance from Oracle was at the low end of Wall Street expectations. Revenue is expected to be $10.56 billion, implying 5% revenue growth, on the high-end of analysts' estimates.
Jordan Novet contributed to the report.
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