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Oracle beats Q1 estimates, posts impressive results

oracle beats q1 estimates posts impressive results

Oracle has just released its first quarter financial results and boy; does it make the folks at Wall Street happy? On Thursday, right after the bell, the Redwood Shores, Calif.-based Company reported a net income of $2.2 billion, or in other words, 52 cents per share.

According to the report, Oracle’s Non-GAAP earnings were 62 cents per share on revenue of $9.2 billion which is up by 7 percent from the previous year. And this was definitely way above Wall Street’s prediction of 60 cents a share on revenue of $9.03 billion, which is what it was expecting out of Oracle.

Oracle cloud business has gone through the roof. Its business, including its IaaS came up to $1.5 billion, up 51 percent year over year. SaaS revenues were up 62 percent to $1.1 billion and the total on-premise revenue was almost flat at $5.9 billion while revenue for new software licenses was down–the only one to go down–6 percent to $966 million.

"With SaaS revenue up 62 percent, our cloud applications business continues to grow more than twice as fast as Salesforce.com," said Oracle CEO, Mark Hurd. "ERP is our largest and most important cloud applications business. We now have about 5,000 Fusion ERP customers plus 12,000 NetSuite ERP customers in the Oracle Cloud. That's 30 times more ERP customers than Workday."

So it seems Wall Street can put this one up there and start prepping for the next quarter where analysts estimate the earnings of 68 cents per share on $9.49 billion in revenue. Oracle responded to this by projecting its own EPS guidance in between 64 cents and 68 cents on 2 to 4 percent revenue growth.

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