Shares of Oracle Take Off 10% After Upbeat Fiscal Q4 Earnings Report and Rosy Outlook for 2018
Jun, 22nd 03:54
Shares of Oracle Corp. jumped sharply more than 10 percent in after-hours trading on Wednesday after the Redwood Shores, California-based company reported its fiscal fourth-quarter earnings that beat expectations.
For the final quarter in its 2017 fiscal year, the computer technology corporation posted net income of $3.23 billion, or 76 cents a share. Adjusted for one-time items, the software giant reported profit of 89 cents a share on sales of $10.89 billion, which topped analysts’ forecast for earnings of 78 cents a share on revenue of $10.46 billion.
Shares of Oracle soared 10.3 percent to trade at $51.10 per share after closing the regular trading session 1.07 percent higher. After two years witnessing declines in profit and revenue, Oracle posted full-year revenue growth of 1.8% and profit growth of 4.9%. Growth in the current fiscal quarter, which began June 1, is anticipated to jump even more which may boost full-year sales to growth at the pace from 4% to 6%.
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