Oracle rises as Q2 results top expectations, led by cloud strength
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Oracle (NYSE:ORCL) shares moved nearly 3% higher in extended-hours trading after the IT giant posted fiscal second-quarter results that topped expectations, aided by the company's cloud operations.
For the period ending November 30, Oracle (ORCL) said it earned $1.21 per share on $12.28B in revenue, as its cloud operations continued to see strong growth. Aiding the top-line was a 14% year-over-year jump in cloud services and license support revenues to $8.6B and a 16% year-over-year rise in cloud license and on-premise license revenues to $1.4B.
A consensus of analysts expected Oracle (ORCL) to earn $1.17 per share on $12.02B in revenue.
The Larry Ellison-founded Oracle (ORCL) also said its adjusted operating income was $5.09B during the period, topping estimates. Its adjusted operating margin during the quarter was 41%.
Oracle (ORCL) also said that its board of directors declared a quarterly cash dividend of $0.32 per share, payable to shareholders of record as of the close of business on January 10, 2023.
The company is holding a conference call at 5 p.m. EST to discuss the results.


Last week, Wedbush Securities said Oracle (ORCL), along with Google (GOOGL), were "shining like a bright star" after the two companies won a part of the Defense Department's $9B cloud contract.