After the closing bell, Oracle Corporation’s shares took an impressive leap, skyrocketing to a price of $130.50. This uptick was mirrored by the volume of shares changing hands, clocking in at 8.26 million – a clear signal of growing investor enthusiasm. The stock’s notable jump, amounting to a $16.37 increase, pushed the rise to an impressive 14.34%.
This significant rally in Oracle’s stock has captured the attention of the investment community, who are now actively engaged in dissecting the factors contributing to this rise and pondering what it could mean for the future of the tech behemoth.
Most Recent Development
On the 11th of March, 2024, Oracle Corp. revealed their third-quarter figures for the fiscal year 2024. They reported a hearty 7% rise in quarterly revenues compared to the same period last year, achieving $13.3 billion. A particular highlight was the 12% increase in cloud services and license support revenues, totaling $10.0 billion. Despite a slight 3% dip in cloud license and on-premise license revenues, now at $1.3 billion, the overall financial picture was positive.
For the recent quarter, Oracle posted a GAAP operating income of $3.8 billion, a commendable figure that was outshone by the $5.8 billion reported under non-GAAP, signifying a 12% jump. The company’s operating margins tell a story of robust health: 28% on a GAAP basis and an even stronger 44% for non-GAAP. This financial vigor is mirrored in net incomes, with GAAP showing $2.4 billion and non-GAAP net income reaching an impressive $4.0 billion, up 18%.
Shareholders saw a rise in earnings per share as well, with GAAP earnings at $0.85 and non-GAAP earnings hitting $1.41, marking a significant 16% increase. Oracle’s balance sheet further boasted $8.9 billion in short-term deferred revenues, and the company’s liquidity was underscored by $18.2 billion in operating cash flow and $12.3 billion in free cash flow accumulated over the past year.
In other news, Oracle’s board has announced a quarterly dividend of $0.40 per share, set to be distributed to recorded shareholders at the closing of business on April 10th, with the payment date scheduled for April 24th, 2024.
To delve deeper into these financials, Oracle has scheduled a conference call and webcast for 4:00 p.m. Central time today. The live broadcast, along with the replay, can be accessed through the Oracle Investor Relations webpage.
