Oracle recently released forecasts for the company’s third quarter after notable results in the second quarter results thanks to higher revenue from companies interested in hybrid work initiatives for their employees.
The company forecast revenue of $10.7 billion to $10.9 billion above analyst estimates of $10.56 billion. The company put earnings per share at $1.19 to $1.23. Analysts put earnings per share at $1.16.
Despite a third-quarter loss of $1.25 billion thanks to a settlement payment related to the employment of former CEO Mark Hurd, the company’s adjusted earnings were set at $10.36 billion, with a profit of $1.21 per share. Analysts had forecast earnings of $1.11 per share and revenue of $10.21 billion.
In the second quarter, Oracle’s largest source of revenue came from its cloud services and licenses support unit. The company’s revenue from this sector was $7.55 billion compared to $7.11 billion last year. According to the company’s estimate, the sector will grow by 6-8% in the third quarter.
For more information, read the original story in Reuters.