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Oracle Corp ORCL shares are trading higher Tuesday after the company reported fiscal second-quarter results that came in above analyst estimates.
Q2 Results: Oracle said fiscal second-quarter revenue increased 18% year-over-year to $12.3 billion, which beat average analyst estimates of $12.04 billion, according to Benzinga Pro. The company’s acquisition of Cerner contributed $1.5 billion to total revenues.
Oracle reported quarterly earnings of $1.21 per share, which beat average estimates of $1.18 per share.
“Strong overall revenue growth was powered by our infrastructure and applications cloud businesses that grew 59% and 45% respectively, in constant currency. Fusion Cloud ERP grew 28% in constant currency, NetSuite Cloud ERP grew 29% in constant currency—each and every one of our strategic businesses delivered solid revenue growth in the quarter,” said Safra Catz, CEO of Oracle.
Oracle’s board also declared a quarterly cash dividend of 32 cents per share.
Following the company’s quarterly results, Piper Sandler analyst Brent Bracelin maintained Oracle with a Neutral and raised the price target from $75 to $85.
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ORCL Price Action: Oracle has a 52-week high of $104.36 and a 52-week low of $60.78.
The stock was up 2.77% at $83.53 Tuesday morning, according to Benzinga Pro.
Photo: Open Grid Scheduler from Flickr.
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Image and article originally from www.benzinga.com. Read the original article here.