Oracle's Revenue Beats Targets in Latest Quarter
June 19 2019 - 5:01PM
Dow Jones News
By Micah Maidenberg
Oracle Corp. reported stronger-than-expected sales and beat
profit targets for its latest quarter.
The company said on Wednesday that fiscal-fourth-quarter revenue
increased about 1% from the year earlier to $11.14 billion,
surpassing the $10.93 billion that analysts polled by FactSet
predicted.
Oracle reported a decline in revenue versus the year earlier
periods in its previous two quarters. It faces robust competition
-- including from Microsoft Corp., Amazon.com Inc. and
Salesforce.com Inc. -- to sell businesses services and software via
the cloud. Earlier this month, Salesforce said revenue rose by 24%
in its latest quarter.
Oracle's largest business unit, cloud services and license
support, booked $6.79 billion in revenue in the latest quarter, up
0.5% compared with last year. Sales from its cloud license and
on-premise license business gained 12% to $2.52 billion.
The company's adjusted profit margin of 47% in the quarter that
ended May 31 was the highest level it has recorded in five years,
co-Chief Executive Safra Catz said.
Shares of Oracle gained 6% in after-hours trading Wednesday.
Profit rose to $3.74 billion, or $1.07 cents a share, for the
quarter, up from $3.28 billion, or 79 cents a share last year.
After adjustments, it reported a profit of $1.16 a share, 9 cents
better than Wall Street targets.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
June 19, 2019 16:46 ET (20:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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