ORCL Oracle Corp

By Denny Jacob

Oracle Corp. reported better-than-expected revenue in the fourth quarter against a backdrop of economic uncertainty that has hit technology companies in particular.

The business software giant logged $3.19 billion in net income, or $1.16 a share, for the quarter ended May 31, compared to $4.03 billion in net income, or $1.37 a share, a year earlier. Adjusted earnings were $1.54. Analysts polled by FactSet expected $1.37 a share.

Total revenue was up 5% to $11.84 billion in the fourth quarter, while cloud services and license support revenue rose 3% to $7.61 billion from a year earlier. Analysts polled by FactSet expected $11.61 billion and $7.83 billion, respectively.

Chief Executive Safra Catz said the fourth quarter's revenue growth rate was boosted by an increase in demand for its infrastructure cloud business.

The company said its board declared a quarterly cash dividend of 32 cents a share for its outstanding common stock. The dividend will be paid to stockholders of record as of the close of business on July 12 with a payment date of July 26.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

June 13, 2022 16:38 ET (20:38 GMT)

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