Oracle (ORCL) earnings Q1 2023

Oracle reported revenue that met expectations on Monday, while earnings came in below analysts’ estimates.

Revenue climbed 18% in the quarter from a year earlier, thanks to a contribution from recently acquired software maker Cerner.

Here’s how the company did:

• Earnings: $1.03 per share, adjusted, vs. $1.07 per share as expected by analysts, according to Refinitiv.
• Revenue: $11.45 billion, vs. $11.45 billion as expected by analysts, according to Refinitiv.

Revenue growth in the quarter ended Aug. 31 accelerated from 5% in the prior quarter, according to a statement.

Oracle received a $1.4 billion contribution from Cerner, after the $28 billion acquisition closed during the quarter.

Net income declined to $1.55 billion from $2.46 billion in the year-ago quarter.

Oracle’s cloud services and license support category generated $8.42 billion in revenue, up 14% and above the StreetAccount consensus of $8.27 billion.

Oracle’s applications and infrastructure cloud businesses now represent over 30% of total revenue, CEO Safra Catz said in a statement. Revenue from cloud infrastructure totaled $900 million in the quarter, up 52%.

In addition to completing the Cerner deal, Oracle announced the availability of its database software through Microsoft’s Azure public cloud, but running on Oracle’s own cloud infrastructure.

Excluding the after-hours move, Oracle shares are down almost 12% so far in 2022, while the S&P 500 is down around 14% over the same time period.

Oracle executives will discuss the results with analysts and issue guidance on a conference call starting at 5 p.m. ET.

This story is developing. Please check back for updates.

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