Oracle’s stock jumps 10% on sales, earnings beat
Last Updated: Dec. 9, 2021 at 11:00 p.m. ET
First Published: Dec. 9, 2021 at 4:22 p.m. ET
By
Jon Swartz Follow
Board OKs additional $10 billion share repurchase plan
Oracle Corp. reported fiscal second-quarter results on Thursday. GETTY IMAGES
ORCL
-0.19%
SPX
-0.72%
Oracle Corp.’s stock improved 10% in extended trading Thursday after the database giant reported fiscal second-quarter results that beat the top- and bottom-line estimates.
The company ORCL, -0.19% reported a net loss of $1.25 billion, or 46 cents a share, vs. net income of $2.44 billion or 80 cents a share, in the year-ago quarter. Adjusted earnings were $1.21 a 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,” Oracle Chief Executive Safra Catz said in a statement.
Revenue was $10.36 billion, up 6% from $9.8 billion a year ago.
Analysts surveyed by FactSet had expected earnings of $1.11 a share on revenue of $10.2 billion.
Additionally, Oracle’s board of directors increased the authorization for share repurchases by $10 billion, and declared a quarterly cash dividend of 32 cents a share of outstanding common stock.
Shares of Oracle are up 37% this year, while the broader S&P 500 index SPX, -0.72% has gained 24.5%.
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