Tech giant Oracle saw its stock price rise 12% after it posted strong earnings Monday that beat revenue and earnings estimates.
Net income jumped 21% year-over-year to $2.93 billion, or $1.03 per share. On an adjusted basis, earnings per share rose 17% year over year to $1.30 per share, beating estimates of $1.32 per share. Oracle now has multi-cloud agreements with the big three, Amazon, Microsoft, and Google. On the earnings call, Ellison said this will allow customers to use the Oracle database “anywhere and everywhere.”
Piper Sandler analyst Brent Bracelin said his firm is encouraged by Oracle’s broad strength across multiple revenue streams, including its multi-cloud partners. While Oracle stock just hit a record high, it is still reasonably valued, and should have plenty of room to run over the long term.
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