$ORCL reports strong Q3 revenue growth and earnings per share in cloud services.
Mar 9th 2023, 9:10 pm
Analyst Summary: Oracle Corporation has announced its fiscal 2023 Q3 results, with total quarterly revenues increasing by 18% YoY in USD to $12.4 billion, and cloud services and license support revenues being up 17% in USD to $8.9 billion. Oracle's non-GAAP earnings per share growth hit the high end of guidance, up to 13% in constant currency at $1.22 per share. Thus, strong quarterly earnings growth in Q3 was due to 48% constant currency growth for the total revenue of Oracle's two cloud businesses, infrastructure and applications. Cerner has increased its healthcare contract base by approximately $5 billion, in which Oracle has signed new and expanding domestic and international customers. Oracle remains the “overwhelming market leader in Cloud ERP with approximately 10,000 Fusion ERP customers and over 34,000 NetSuite ERP customers,” said Oracle CEO Safra Catz, while Larry Ellison, Oracle Chairman and CTO, reported that the technically advanced and highly differentiated Gen2 infrastructure business continues to be in a hyper-growth phase—up 65% in Q3 in constant currency.