Oracle 4Q Revenue Beats Expectations
June 13 2022 - 3:53PM
Dow Jones News
By Denny Jacob
Oracle Corp. reported better-than-expected revenue in the fourth
quarter against a backdrop of economic uncertainty that has hit
technology companies in particular.
The business software giant logged $3.19 billion in net income,
or $1.16 a share, for the quarter ended May 31, compared to $4.03
billion in net income, or $1.37 a share, a year earlier. Adjusted
earnings were $1.54. Analysts polled by FactSet expected $1.37 a
share.
Total revenue was up 5% to $11.84 billion in the fourth quarter,
while cloud services and license support revenue rose 3% to $7.61
billion from a year earlier. Analysts polled by FactSet expected
$11.61 billion and $7.83 billion, respectively.
Chief Executive Safra Catz said the fourth quarter's revenue
growth rate was boosted by an increase in demand for its
infrastructure cloud business.
The company said its board declared a quarterly cash dividend of
32 cents a share for its outstanding common stock. The dividend
will be paid to stockholders of record as of the close of business
on July 12 with a payment date of July 26.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
June 13, 2022 16:38 ET (20:38 GMT)
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