Oracle (ORCL) Q1 2022 Results

Oracle (ORCL) Q1 2022 Results

Oracle CEO Safra Catz delivers the keynote address at the Oracle OpenWorld 2019 on September 17, 2019 in San Francisco, California. Oracle CEO Safra Catz began day two of Oracle OpenWorld 2019 with a keynote address. The annual convention runs until September 19.

Justin Sullivan | Getty Images

Oracle shares fell 3% in extended trading on Monday after reporting fiscal first quarter income below analysts’ expectations.

Here’s how the company did it:

  • Earnings: According to Refinitiv, $ 1.03 per share, adjusted, compared to 97 cents per share expected by analysts.
  • Returned: $ 9.73 billion, compared to $ 9.77 billion expected by analysts, according to Refinitiv.

Revenue increased 4% year-over-year for the quarter ended Aug. 31, according to a statement. Oracle revenue increased 8% in the last quarter.

As for the forecast, analysts polled by Refinitiv expect adjusted second quarter earnings per share of $ 1.08 and $ 10.25 billion in revenue, which matches revenue growth from about 5%.

Oracle’s largest business segment, cloud services and licensing support, generated revenue of $ 7.37 billion, up 6% and below consensus estimate of StreetAccount of $ 7.41 billion.

The cloud licensing and on-premises licensing segment contributed $ 813 million in revenue, down 8% and below consensus of $ 859.7 million. Oracle’s hardware unit reported revenue of $ 763 million, down 6% and below estimates of $ 778.5 million.

Oracle increased its capital spending by more than $ 1 billion from $ 436 million in the previous year quarter. The investment comes as executives have indicated they want the infrastructure to meet expected cloud demand. Oracle said in the statement that cloud infrastructure and cloud applications now account for 25% of total revenue.

During the quarter, Oracle announced a support rewards program designed to encourage customers to adopt its public cloud services, and S&P Global Ratings downgraded its Oracle rating and debt to BBB +.

Oracle shares are up 37% year-to-date, while the S&P 500 index is up nearly 19% over the same period.

Executives will discuss the results with analysts and release recommendations at 5 p.m. ET.

This is last minute news. Please check for updates.

To concern: The bulls bet on the ground. Also, an update on the Oracle call

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