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.