Shares of Oracle Corporation (NYSE: ORCL) continue to surge during after-hours trading following the release of its impressive fourth-quarter earnings results, surpassing analyst expectations.
The Austin, Texas-based tech giant announced a net income of $3.32 billion for the fiscal fourth quarter, equating to a profit of $1.19 per share. After adjusting for stock option expenses and amortization costs, the earnings reached $1.67 per share.
The results surpassed Wall Street expectations. A survey of 12 analysts conducted by Zacks Investment Research had projected earnings of $1.58 per share.
Oracle Corporation also outperformed in terms of revenue. The company reported $13.84 billion for the period, surpassing the estimated $13.74 billion forecasted by nine analysts.
In addition, Oracle Corporation reported a profit of $8.5 billion for the entire year, translating to $3.07 per share. The company’s revenue for the year was disclosed as $49.95 billion.
The impressive results led to a surge in Oracle Corporation’s shares, which closed at a record high of $116.43 on Monday. In after-hours trading, the stock climbed further to $120.53, indicating strong investor confidence in the company’s future prospects.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis. Read Full Bio
