Oracle Shares fell nearly 5% after the enterprise tech giant announced its third-quarter 2023 earnings results.
Here’s how the company did it:
- Earnings: Analysts are expecting $1.20 per share, but an adjusted $1.22 per share, according to Refinitiv.
- Earnings: Analysts expected $12.42 billion, according to Refinitiv, compared to $12.40 billion.
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Oracle’s overall revenue increased 18% year-over-year in its most recent quarter.
Net income for the third quarter ended February 28 was $1.9 billion, or 68 cents per share, down from $2.32 billion, or 84 cents per share, a year ago. On an adjusted basis, Oracle earned $1.22 per share for him, beating analyst estimates of $1.20 per share.
Operating income for the third quarter was $3.3 billion, down 18% from $2.3 billion in the third quarter last year.
Oracle’s total operating expenses increased 37% year-over-year to $9.2 billion.
“Oracle’s non-GAAP earnings per share growth reached the upper end of our guidance, increasing 13 percent to $1.22 at constant currency,” Oracle CEO Safra Catz said in a statement. He said. “Our strong quarterly profit growth was driven by constant currency growth of 48% for her two cloud businesses, Infrastructure and Applications, total revenue.”
clock: Oracle misses the top line