Oracle beat on earnings per share while growing cloud revenue by 32% (ORCL)
Getty Images/Justin Sullivan
Though Oracle matched analysts' revenue targets and beat adjusted profit estimates during the company's fiscal third quarter, its stock was down more than 3% in after-hours trading.
Making good on years of promises, the company reported strong cloud growth, a vital area for the 40-year-old database company as it looks to catch up with more established cloud rivals at Amazon Web Services and Microsoft.
Oracle reported $1.6 billion in revenue from its cloud services — which includes a mix of its software, platform, and infrastructure services — up 32% from the year before.
But overall, Oracle reported losses of $4 billion for the quarter and a loss of $0.98 per share, which it attributed to the new GOP tax law.
Still, co-CEO Safra Catz remained optimistic that the company would continue to perform well on a non-GAAP basis.
"During FY17, I forecast double-digit non-GAAP earnings per share growth for FY18," Catz said in a statement. "At this point, I feel quite confident that we will comfortably deliver on my original forecast of double-digit non-GAAP earnings per share growth for FY18."
Here's what Oracle reported:
Earnings per share (adjusted) was $0.83, up 16% from the year before. Analysts expected $0.72.
Revenue (GAAP) for the quarter was $9.77 billion, up 6% from the year before. Analysts expected $9.78 billion.
Cloud revenue at the company was up 32%, to $1.6 billion.
NOW WATCH: The rise and fall of Hooters Air — the airline that lost the 'breastaurant' $40 million
See Also:
A little known cloud security company just raised $192 million in the first big tech IPO of 2018
Qualcomm's ex-chairman is trying to buy the company with help from investors at SoftBank
Salesforce's $100 million Dropbox investment, on the eve of the IPO, could signal an acquisition
SEE ALSO: BARCLAYS: Oracle just needs one 'last missing piece' in its cloud business — but it's a big one