Oracle CEO Safra Catz speaks during the SelectUSA Investment Summit in Oxon Hill, Maryland, on June 19, 2017. The SelectUSA Investment Summit brings together companies from around the world, economic development organizations from all over the country and other parties working to facilitate foreign direct investment (FDI) in the United States.
Eric Thayer | Bloomberg | beautiful pictures
Oracle reported revenue that met expectations on Monday, while earnings were below analyst estimates.
Revenue grew 18% in the quarter from a year earlier, thanks to contributions from the recently acquired software maker Cerner.
Here’s how the company did it:
- Income: $1.03 per share, adjusted, versus $1.07 per share as analysts expected, according to Refinitiv.
- Turnover: $11.45 billion, compared with $11.45 billion as analysts predicted, according to Refinitiv.
Oracle received a $1.4 billion contribution from Cerner, following a $28 billion acquisition close the door in the quarter.
Net income fell to $1.55 billion from $2.46 billion in the year-ago quarter.
Oracle’s cloud services and license support portfolio generated $8.42 billion in revenue, up 14% and above the StreetAccount consensus of $8.27 billion.
CEO Safra Catz said Oracle’s cloud infrastructure and applications now account for more than 30% of total revenue. Total cloud infrastructure revenue reached $900 million in the quarter, up 52%.
In addition to completing the Cerner deal, Oracle announced database software availability through Microsoft’s Azure public cloud, but running on Oracle’s own cloud infrastructure.
Excluding the after-hours move, Oracle stock is down nearly 12% so far in 2022, while the S&P 500 is down about 14% over the same time period.
Oracle executives will discuss the results with analysts and provide guidance on a conference call that begins at 5 p.m. ET.
This story is evolving. Please check back for updates.