Oracle Corporation, also known as ORCL, released its first-quarter financial results after the closing bell on Monday. The company exceeded analysts' expectations with earnings per share of $1.39, surpassing the consensus estimate of $1.32 by 5.3%. Additionally, quarterly revenue stood at $13.307 billion, beating the consensus estimate of $13.231 billion and showing a 6.86% increase from the same period the previous year.
Oracle CEO Safra Catz highlighted the company's strong performance in the cloud services sector, emphasizing the growth in operating income and earnings per share acceleration. With non-GAAP operating income up 14% to $5.7 billion and non-GAAP EPS up 18% to $1.39 in constant currency during the first quarter, Oracle experienced significant financial growth. The record-breaking Total Remaining Performance Obligations reaching $99 billion indicate a promising outlook for revenue growth up to FY25, with the recent MultiCloud agreement with AWS being a significant development set to enhance customer access to Oracle database technology.
In collaboration with Amazon.com, Inc.'s AWS, Oracle launched Oracle Database@AWS, offering customers access to Oracle Autonomous Database and Oracle Exadata Database Service within AWS infrastructure. The partnership aims to provide customers a seamless experience between Oracle Cloud Infrastructure and AWS. Moreover, Oracle also announced the availability of Oracle Database@Google Cloud, enabling customers to utilize Oracle Exadata Database Service, Oracle Autonomous Database, and Oracle Database Zero Data Loss Autonomous Recovery Service across various Google Cloud regions in the U.S. and Europe. As a result of its positive financial report, Oracle shares surged by 9.25% in after-hours trading following the announcement.