Oracle Forecast Strong Q4 Earnings

Share post:

Oracle forecast a strong Q4 revenue as it looks to make a lot of profits from its heavy cloud investments.

Oracle’s forecast for fourth-quarter adjusted profit is between $1.40 and $1.44 per share. This is above analysts’ estimates of $1.38. The company forecast revenue to grow between 6% to 8% on a constant currency basis.

For the third quarter that ended February 28, Oracle earned $1.13 per share missing analysts’ estimates of $1.18. The company however made $10.51 billion in revenue in line with estimates from analysts.

Oracle pointed out that operating expenses were up in the third quarter. This is due to the massive investment the company made in a bid to meet customers’ demand for cloud services.

Total operating expenses were up 8% at $6.69 billion while cloud services and license support costs alone rose 23% during the third quarter.

Oracle will continue to expand its offerings. The company will spend $4 billion in capital expenditure in 2022 as it looks to build more data centers and improve its cloud services.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

FTC says Microsoft’s layoffs at Activision Blizzard may threaten merger approval

The FTC has expressed dissatisfaction with Microsoft's layoffs at Activision Blizzard, challenging the integrity of the Microsoft-Activision deal....

Delaware court voids Musks $56 billion dollar compensation

Tesla's stock experienced a notable downturn following a Delaware court's decision to void CEO Elon Musk's massive $56...

IT World Canada strikes partnership with Canadian Cybersecurity Network

Goal is to make it easier for infosec pros to access each organization

Microsoft overtakes Apple as world’s most valuable company

In a notable shift in the tech industry, Microsoft has recently overtaken Apple to become the world's most...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways