Oracle Corp (NYSE: ORCL) is trading lower Tuesday after the company announced worse-than-expected first-quarter fiscal 2022 revenue results.
Oracle reported adjusted quarterly earnings of $1.03 per share, which beat the estimate of 97 cents per share. The company reported quarterly revenue of $9.7 billion, which came in below the estimate of $9.77 billion and represented a 4% increase year-over-year.
“Oracle’s two new cloud businesses, IaaS and SaaS, are now over 25% of our total revenue with an annual run rate of $10 billion. Taken together, IaaS and SaaS are Oracle’s fastest growing and highest margin new businesses. As these two cloud businesses continue to grow they will help expand our overall profit margins and push earnings per share higher,” said Safra Catz, CEO of Oracle.
Oracle provides database technology and enterprise resource planning software to enterprises around the world.
ORCL Price Action: Oracle has traded as high as $91.77 and as low as $55.14 over a 52-week period.
The stock was down 3.0% at $86.24 at time of publication.
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