Oracle Corp. (ORCL) Misses Q1 EPS by 2c; Approves $13B Buyback
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Oracle Corp. (NYSE: ORCL) reported Q1 EPS of $0.62, $0.02 worse than the analyst estimate of $0.64. Revenue for the quarter came in at $8.6 billion versus the consensus estimate of $8.78 billion.
We are increasing our cloud services growth rate while simultaneously delivering record levels of cash flow," said Oracle CEO, Safra Catz. "In Q1, our overall cloud services business grew more than 30% to $475 million in revenue. At the same time, we delivered an all-time record operating cash flow up 7% to $6.7 billion. We are laser focused on two goals: growing our cloud business and growing our cash flow. We're off to a good start in FY15."
"Our internally developed Fusion cloud applications business grew at a rate of nearly 200% in the quarter," said Oracle CEO, Mark Hurd. "As our hyper-growth Fusion applications become a larger and larger portion of our total SaaS sales, that will drive up our overall cloud services growth rate. Our cloud business is already three times the size of Workday, but we won't be satisfied until we're number one in the cloud."
"Next week at Oracle Open World, we will be rolling out our database cloud service," said Oracle Executive Chairman and Chief Technology Officer, Larry Ellison. "Database is our largest software business, and database will be our largest cloud service. With our new multitenant Database as a Service offering, our customers and ISV's can move any of their existing Oracle databases and applications to the Oracle Cloud with the push of a button."
Oracle also announced that its Board of Directors authorized the repurchase of up to an additional $13.0 billion of common stock under its existing share repurchase program in future quarters.
Oracle sees Q215 EPS of $0.66 to $0.70, versus estimates calling for $0.74.
For earnings history and earnings-related data on Oracle Corp. (ORCL) click here.
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Create E-mail Alert Related CategoriesEarnings, Guidance, Hot Buybacks, Hot Guidance, Management Comments, Stock Buybacks
Related EntitiesStock Buyback, Mark Hurd, Larry Ellison, Earnings
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