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Oracle beats Street expectations

Oracle released better-than-expected results on Thursday. During the second quarter, revenues increased by 6% to $9.6bn, slightly higher than estimates of $9.57bn. This uptick was partly due to a 44% surge in total cloud revenue to $1.5bn. Overall, Oracle saw net income grow to $2.23bn, or 52 cents per share, up from $2.03bn, or 48 cents per share, a year ago. However, on an adjusted basis, earnings per share stood at 70 cents, surpassing forecasts of 68 cents. Looking forward, Oracle expects third quarter revenues to increase by between 2% and 4%, while non-GAAP earnings are set to come in at between 68 cents per share and 70 cents per share on a constant currency basis.

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