Oracle (ORCL) reported quarterly results late Wednesday that beat on earnings and slightly edged revenue estimates. Oracle stock fell.
The database software reported adjusted earnings of $1.16 a share on revenue of $10.1 billion. Analysts expected Oracle to report earnings of $1.11 a share on revenue of $10 billion. Revenue climbed 3% from the year-ago period, its best growth in 11 quarters.
Oracle stock fell 2.6%, near 70.25, during after-hours action on the stock market today. Results were for its fiscal 2021 third quarter that ended Feb. 28.
Over the past several years, Oracle has transitioned from an antiquated business of on-premises database software licensing and maintenance to a subscription-based software model that taps the benefits of cloud computing.
Oracle Stock Up 14% For 2021
The company is growing its cloud business while simultaneously experiencing a slow, steady decline in its traditional database software businesses, including hardware sales.
Oracle stock is up 14% this year.
The company’s largest businesses, cloud services and license support, reported $7.25 billion in revenue, up 5% but slightly below the consensus estimate of $7.28 billion from analysts polled by FactSet. Its cloud license and on-premises license revenue totaled $1.28 billion, which was up 4% and above the $1.21 billion FactSet estimate.
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