Shares of Oracle (NASDAQ:ORCL) jumped in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $1.67, which beat analysts’ consensus estimate of $1.58 per share. Sales increased by 16.9% year-over-year, with revenue hitting $13.84 billion. This beat analysts’ expectations of $13.73 billion.
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Oracle’s cloud revenue figures, including both software-as-a-service and infrastructure-as-a-service, were up 55% against this time last year on a constant currency basis, reaching a total of $4.4 billion. Its cloud infrastructure market was up 77% to $1.4 billion. Cloud applications, meanwhile, were up 47% to $3 billion. Fusion Cloud enterprise resource planning hit $700 million, up 28% against this time last year, and NetSuite Cloud enterprise resource planning had a similar result. It, too, came in at $700 million, up 24% year-over-year on a constant currency basis.
Overall, Wall Street has a consensus price target of $116.67 on Oracle stock, implying that the stock is fairly valued, as indicated by the graphic above.
