Oracle's Q1 earnings beat expectations, with revenue and net income up, driving a stock surge

From CNBC: 2024-09-09 17:31:01

Larry Ellison, co-founder of Oracle, saw the company’s shares rise 9% after exceeding Wall Street expectations in the first quarter. Revenue hit $13.31 billion, up 8% from last year. Net income rose to $2.93 billion from $2.42 billion. Oracle’s stock is on track for a record high. CEO Catz expects 7-9% revenue growth next quarter.
Oracle’s cloud services and license support business brought in $10.52 billion, a 10% increase from last year. Cloud infrastructure revenue spiked 45% to $2.2 billion. Oracle continues to expand, opening a second cloud region in Saudi Arabia and partnering with Google’s public cloud. A strategic partnership with Amazon Web Services was also announced.
Revenue from cloud and on-premises licenses reached $870 million, up 7%. Oracle predicts an adjusted earnings per share of $1.42 to $1.46 for the next quarter. Executives will further discuss the successful results on a conference call.



Read more at CNBC:: Oracle (ORCL) Q1 earnings report 2025