Oracle Corporation (NYSE:ORCL) shares are trading lower in Monday’s after-hours session following the company’s second-quarter results.
What To Know: Oracle reported quarterly adjusted earnings of $1.34 per share, topping the Street’s estimate of $1.32, a 10.74% increase over earnings of $1.21 per share from last year.
Revenue of $12.94 billion fell short of the analyst consensus estimate of $13.05 billion, a 5.43% increase over sales of $12.28 billion in the same period last year.
While Oracle posted a revenue miss, the company noted several revenue achievements, including a cloud revenue increase of 25%. Additionally, cloud infrastructure revenue was up 52%, and cloud application revenue rose 15%.
Over the last twelve months, operating cash flow was $17 billion, and free cash flow was $10.1 billion.
“Demand for our Cloud Infrastructure and Generative AI services is increasing at an astronomical rate,” said Oracle CEO Safra Catz. “As a measure of that demand, Oracle’s total Remaining Performance Obligations (RPO) climbed to over $65 billion—exceeding annual revenue. Our cloud businesses are now at nearly a $20 billion-dollar annual revenue run rate, and cloud services demand continues to grow at unprecedented levels. Business is good and getting better.”
Related Link: Is Oracle Set for Breakthrough Quarter? Analyst Eyes AI Superclusters and Cloud Growth
ORCL Price Action: Shares of ORCL were down 8.91% at $104.83 in the after-hours session at the time of publication, according to Benzinga Pro.
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