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Oracle Beats Q1 Estimates with $1.39 EPS, Announces AWS Partnership; Shares Surge 8.5%

Sep 9, 2024, 08:10 PM

Oracle Corporation reported better-than-expected earnings for its fiscal Q1 2024, with adjusted EPS at $1.39, surpassing the estimate of $1.33. GAAP EPS was reported at $1.03. Revenue for the quarter reached $13.31 billion, exceeding the forecast of $13.26 billion. The company also reported a significant rise in cloud infrastructure revenue, which grew 45% year-over-year to $2.2 billion. Oracle's total cloud revenue, including IaaS and SaaS, increased by 21% to $5.6 billion. Additionally, Oracle announced a strategic partnership with Amazon Web Services (AWS) to launch Oracle Database@AWS, allowing customers to access Oracle Autonomous Database on dedicated infrastructure. This new offering is expected to enhance cloud migration, agility, and security for enterprise workloads. Oracle's market cap stands at $388.05 billion. The company reported an adjusted net income of $4 billion and adjusted operating income of $5.7 billion. Oracle's shares surged 8.5% in after-hours trading following the announcement.