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Oracle announced earnings per share of $1.21 on revenue of $10.4 billion. Analysts polled by Investing.com anticipated EPS of $1.11 on revenue of $10.21 billion.
The company’s total cloud revenue was up 22% to $2.7 billion, while Fusion ERP cloud revenue rose 35% and NetSuite ERP cloud revenue climbed 29% during the quarter.
In addition, Oracle increased the authorization for share repurchases by $10 billion and declared a quarterly dividend of 32 cents per share.
“These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue. We now have 8,500 Fusion ERP customers with revenue growing 35%, 28,400 NetSuite ERP customers with revenue growing 29%, and our Gen2 infrastructure businesses are growing even faster—and accelerating,” said Oracle CEO, Safra Catz.
Oracle shares gained 6.07% in after-hours trade following the report. Oracle shares are up 37% from the beginning of the year, still down 10.32% from its 52 week high of $98.95 set on October 25. They are outperforming the S&P 500 which is up 24.31% from the start of the year.
Salesforce.com had beat expectations on November 30 with third quarter EPS of $1.27 on revenue of $6.86 billion, compared to forecast for EPS of 92 cents on revenue of $6.8 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
