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Oracle CEO Safra Catz commented on the company’s fiscal 2022 Q4 earnings result. She acknowledged the performance noting that total revenue grew 10% in constant currency.
Computer software company Oracle Corporation (NYSE: ORCL) gained nearly 15% as the company announced better-than-expected fiscal 2022 Q4 results. On the 13th of June, the company released its financial report, showing more increases than analysts had earlier predicted. At press time, Oracle stock is up 15.04% to $73.68 in an extended trading session.
According to the fiscal 2022 Q4 results, Oracle saw adjusted earnings of $1.54. Meanwhile, analysts have predicted adjusted earnings of $1.37. The company also did better in revenue than the $11.66 billion analysts were expecting. The computer software company announced a 5% increase to $11.84 billion in revenue YoY. At the same time, Cloud services and license support revenues added 4% in USD to $7.6 billion. Cloud license and on-premise license revenues were $2.5 billion, an 18% jump in USD.
In addition to the fiscal quarter, Oracle also highlighted its performance for the fiscal year 2022. The company stated that GAAP operating income for the full year was $10.9 billion, and non-GAAP operating income was $19.6 billion. While GAAP earnings per share were $2.41, non-GAAP earnings per share were $4.90.
Oracle Releases Fiscal Q4 Earnings Results
Oracle CEO Safra Catz commented on the company’s fiscal 2022 Q4 earnings result. Impressed with the announcements, she acknowledged the performance noting that total revenue grew 10% in constant currency. The CEO revealed that the Fusion and NetSuite cloud applications have been adding to the company’s profits. She further explained that Cloud saw a major uptick in demand in its infrastructure cloud business in the fiscal 2022 Q4 results. The business spiked 39% in constant currency. Catz added:
“We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase. Couple a high growth rate in our cloud infrastructure business with the newly acquired Cerner applications business-and Oracle finds itself in position to deliver stellar revenue growth over the next several quarters.”
Oracle’s acquisition of Cerner in December was considered its biggest acquisition. Oracle envisaged that it could generate more funds through Cerner, which has become a reality. Oracle Chairman and CTO Larry Ellison confirmed that Cerner and Oracle jointly have the required technologies to provide better information to healthcare professionals. She added that access to better data would add positive changes to healthcare. Ellison said:
“Better information will lead to better patient outcomes, better public health policy, lower overall healthcare costs, and a better quality of life-not just in rich countries- but throughout the world.”
The Chairman boasted that an Oracle cloud system garnered over 150 million patient records in the US during the pandemic. Also, an Oracle cloud system managed vaccine programs in Tasmania, Ghana, and many other states and countries.
Even after purchasing Cerner and experiencing significant demand for cloud services, Oracle has been recording losses over the past year. ORCL has declined almost 27% since the year started.