Oracle stock rallies as a result, Outlook top Wall Street estimates

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Shares of Oracle Corporation stayed in an extended session on Thursday after coming out on top of database software company results and outlook street estimates.

On a conference call, Oracle ORCL,
+ 0.66%
Chief Executive Safra Katz said earnings in the fiscal second quarter were 98 cents adjusted at $ 1.02, a flat 2% increase in revenue from $ 9.81 billion to $ 9.62 billion. Analysts polled by FactSet estimated a share of 94 cents on revenue of $ 9.58 billion.

For the fiscal first quarter, Oracle reported net income of $ 2.25 billion, or 72 cents per share, compared to $ 1.14 billion, or 63 cents per share, in the year-ago period. Adjusted earnings, excluding stock-based compensation expenses and other items, were 93 cents per share, compared with 81 cents per share in the year-ago period.

Revenue increased to $ 9.37 billion from $ 9.22 billion in the year-ago quarter.

Analysts expected a share of 86 cents on revenue of $ 9.17 billion, while Oracle had estimated 84 cents for a share on revenue between 9.1 cents and $ 9.31 billion.

“Our infrastructure business is also growing rapidly as revenue from Zoom ZM,
In Q1 this year more than doubled from Q4 last year, ”Katz said in a statement. “I believe our revenue will increase to a higher level as we move beyond COVID-19.”

From the get-go, Oracle was mum about reports that were seeking to acquire the video-sharing platform Tickcock, which is being targeted by President Donald Trump as a security threat as it is by a Chinese company, Bytdance is owned. Oracle co-founder and chairman Larry Ellison hosted Trump’s fundraiser earlier this year, and Trump lent his support to Oracle on Tiktok.

“I want to understand that you won’t make any comments about the press reports about TikTok, so said at the beginning of the call,” There is no need.

Shares, which had risen more than 6%, went up by about 3.5% after the hour, down 0.3% in the regular session to close at $ 56.80.