Oracle (ORCL) Stock Gains 6% on Strong Q2 Results
Oracle (NYSE: ORCL) shares were trading more than 6% higher after-hours following the company’s reported Q2 results, with EPS coming in at $1.21, beating the consensus estimate of $1.11.
Quarterly revenue grew 6% year-over-year to $10.4 billion, compared to the consensus estimate of $10.21 billion. Cloud services and license support revenues increased 6% to $7.6 billion and Cloud license and on-premise license revenues grew 13% to $1.2 billion.
According to Safra Catz, the CEO of Oracle, quarterly strong results were driven by the 22% growth of the company’s infrastructure and applications cloud businesses which are reaching $11 billion in annualized revenue.
The company’s board of directors increased its share repurchase authorization by $10 billion and declared a quarterly cash dividend of $0.32 per share of outstanding common stock.