
Oracle (ORCL) Stock Suffers Biggest Decline in 21 Years, Here’s What Happened
Tuesday’s stock drop has not affected the performance of Oracle shares in an overall sense.
Tuesday’s stock drop has not affected the performance of Oracle shares in an overall sense.
Following an uptick in first-quarter revenue, Oracle’s board of directors approved a cash dividend of about 40 cents per share, which will be paid out to shareholders on October 26.
Oracle stock market has rallied about 50 percent YTD to trade around $122.22 during Wednesday’s after-hours.
Oracle delivered robust numbers for its cloud infrastructure services and is also working on generative AI. ORCL stock shot up by more than 6% on Monday.
Although Oracle outperformed the consensus estimate for fiscal Q2 2022, the company provided a lighter-than-expected earnings forecast.
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.
For the third quarter (Q3) of the fiscal year 2022, Oracle reported total revenue of $10.5 billion, up 4% year-over-year.
Oracle intends to expand Cerner’s businesses across many countries globally.
Oracle’s largest business unit of cloud services and licensing support generated revenue of $7.37 billion. It is up 6% compared to the same period last year and below the StreetAccount consensus estimate of $7.41 billion.
Oracle reported a net income of $5.02 billion, or $1.68 a share, compared with $2.57 billion, or 79 cents a share, in the year-ago period.
Oracle (ORCL) stock is down after the enterprise-software giant posted revenue for the fiscal fourth quarter that fell short of both the company’s guidance and Wall Street estimates.
Oracle has added new 5 cloud data centers. By the end of 2020, the company plans to have such centers in 36 locations. Oracle (ORCL) stock price is increasing.