Stock price data from financial markets

Oracle Reports Strong Q1 Earnings, Stock Up 9%, Announces AWS Partnership and Cloud Growth

Sep 9, 2024, 09:23 PM

Oracle Corporation reported better-than-expected fiscal Q1 results, with earnings per share (EPS) of $1.37, surpassing the estimated $1.33, and revenues of $13.28 billion, slightly above the expected $13.23 billion. The company saw significant growth in its cloud business, with cloud infrastructure (OCI) growing by 45% and SaaS by 10%. Oracle also announced a strategic multi-cloud agreement with Amazon Web Services (AWS), enabling access to Oracle's Autonomous Database and Exadata Database Service within AWS data centers. This partnership is expected to enhance cloud migration, agility, and security for enterprise workloads. Following the earnings report, Oracle's stock surged by 9% in after-hours trading, reaching new all-time highs. The company also provided guidance for Q2, expecting EPS between $1.45 and $1.49 and revenue growth of 7% to 9% in constant currency. Additionally, Oracle's RPO increased by 53%, and capex rose by 75%. The company expects Q2 cloud revenue to grow by 23%-25%.