Monday, 22 April, 2019

Oracle's Latest Investor Surprise: A New Revenue Reporting System

Oracle beats Q4 estimates on solid cloud services growth Oracle beats Wall Street's expectations across the board with earnings up 11%
Priscilla Morrison | 20 June, 2018, 06:40

Oracle Corp. on Tuesday surprised investors by changing the way it reports revenue from its business units and warned currency conversions would weaken the company's performance this quarter.

Shares of the business software maker, which rose as much as 3.7 percent after the results, fell almost 5 percent to $44.10 in extended trade after the company's dismal forecast.

Oracle sees first-quarter adjusted earnings per share to be between 68 cents and 70 cents, below analysts' average estimate of 72 cents.

The company is undergoing a shift in its product portfolio, away from a traditional model of licensing and maintenance to a subscription-based cloud-computing business while trying to sustain profit margins that have been under pressure. In previous quarters, Oracle executives weakened investors' confidence forecasting cloud revenue below analysts' expectations.

"Some of our largest customers have now begun the process of moving their on-premise Oracle databases to the Oracle Cloud", Oracle Chairman Larry Ellison said in prepared remarks with the earnings release.

More news: NYT Nixes Audio Of Stephen Miller Interview From Podcast After WH Asked

The company's non-GAAP net income for Q4 2018 was $3.41 billion, with non-GAAP earnings per share coming to 99 cents.

"Last year, I forecast double-digit non-GAAP earnings per share growth for FY18 and we delivered 14% growth this year, largely driven by strong growth in our cloud businesses", said Oracle CEO Safra Catz.

Total revenue rose 3.3 percent to US$11.25 billion.

Elsewhere on the balance sheet, Oracle's cloud services and license support revenues increased eight percent to $6.77 billion.

Wall Street was looking for non-GAAP earnings of 94 cents a share on revenue of $11.19 billion.

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