Oracle Rides Cloud Demand to Q4 Results Beat

This post was originally published on this site – Oracle (NYSE:ORCL) reported on Tuesday fourth quarter earnings that beat analysts’ forecasts as rising demand for cloud services bolstered results.

Oracle shares lost nearly 3% in after-hours trade following the report.

Oracle announced earnings per share of $1.54 on revenue of $11.23 billion. Analysts polled by anticipated EPS of $1.31 on revenue of $11.02 billion.

Revenue beat guidance by nearly $200 million, and non-GAAP earnings per share beat by 24 cents, driven by strong revenue growth in the company’s Fusion and NetSuite Cloud ERP applications businesses.

“Fusion and NetSuite cloud applications businesses saw dramatic increases in their already rapid revenue growth rates…” the company said.

Cloud services and license support revenues were up 8%, to $7.4 billion year-on-year, while cloud license and on-premise license revenues were down 9% to $2.1 billion.

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