Oracle Q4 Profit Beats Street View

(RTTNews) - Business software giant Oracle Corp. (ORCL), Tuesday reported a fourth-quarter profit and revenues that beat Wall Street estimates, driven by increased demand for cloud services and other softwares.

Redwood Shores, California-based Oracle reported fourth-quarter profit of $4.03 billion or $1.37 per share, compared to $3.12 billion or $0.99 per share last year.

On an adjusted basis, earnings for the quarter were $4.52 billion or $1.54 per share for the period. Analysts polled by Thomson Reuters expected earnings of $1.31 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 8% to $11.23 billion from $10.44 billion last year. Analysts had a consensus revenue estimate of $11.04 billion.

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

"Our Q4 performance was absolutely outstanding with total revenue beating guidance by nearly $200 million, and non-GAAP earnings per share beating guidance by $0.24," said Oracle CEO, Safra Catz.

"Our multi-billion dollar Fusion and NetSuite cloud applications businesses saw dramatic increases in their already rapid revenue growth rates: Fusion ERP was up 30% in Q3 and up 46% in Q4, Fusion HCM was up 23% in Q3 and up 35% in Q4, NetSuite was up 24% in Q3 and up 26% in Q4," he added.

ORCL closed Tuesday's trading at $81.60, down $1.02 or 1.23%, on the Nasdaq. The stock further slipped $1.50 or 1.84%, in the after-hours trading.