Oracle beat Wall Street estimates for quarterly profit and revenue, driven by demand for cloud computing products.
Shares in the company, whose fiscal fourth-quarter revenue jumped 5%, rose about 12% in aftermarket trading the day before.
“We believe that this revenue growth indicates that our infrastructure business has now entered a hyper-growth phase,” Oracle Chief Executive Safra Catz said in a statement.
Oracle said it expects substantial revenue growth from its cloud computing business despite rising inflation and a stronger dollar.
The company warned of a $100 million impact per quarter in fiscal 2023 as a result of the suspension of services in Russia.
However, it expects fiscal first quarter revenue growth of between 17% and 18%, driven by the $28 billion acquisition of healthcare information technology company Cerner.
The company expects first-quarter adjusted earnings per share of between $1.04 and $1.08 compared to the average analyst estimate of $1.13.
Revenue for the fiscal fourth quarter ended May 31 grew to $11.84 billion, above analysts’ average estimate of $11.66 billion, according to Refinitiv data.
Excluding one-time events, the company earned $1.54 per share, beating estimates of $1.37 per share on average.
Source: CNN Brasil
