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Oracle Corp (NYSE:ORCL) is trading higher Friday after the company announced better-than-expected fiscal second-quarter 2022 financial results, increased its share buyback and declared a quarterly dividend.
Oracle reported quarterly earnings of $1.21 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $10.36 billion, which beat the estimate of $10.21 billion.
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Oracle increased its share repurchase program by $10 billion. The board of directors also declared a quarterly cash dividend of 32 cents per share.
"These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue," said Safra Catz, CEO of Oracle.
"We now have 8,500 Fusion ERP customers with revenue growing 35%, 28,400 NetSuite ERP customers with revenue growing 29%, and our Gen2 infrastructure businesses are growing even faster—and accelerating," Catz added.
Analyst Assessment: Multiple analyst firms weighed in on the stock following Oracle's financial results:
- Piper Sandler analyst Clarke Jeffries maintained Oracle with a Neutral rating and raised the price target from $80 to $100.
- Deutsche Bank analyst Brad Zelnick upgraded Oracle from Hold to Buy and raised the price target from $110 to $120.
- Credit Suisse analyst Phil Winslow maintained Oracle with an Outperform rating and raised the price target from $110 to $115.
- Barclays analyst Raimo Lenschow maintained Oracle with an Equal-Weight rating and raised the price target from $87 to $91.
Related Link: Analysts Laud Oracle's Q2 Beat, $10B Share Buyback
Oracle provides database technology and enterprise resource planning software to enterprises around the world.
ORCL Price Action: Oracle has traded as low as $58.80 over a 52-week period. It's making new all-time highs Friday.
The stock was up 14.30% at $101.65 at time of publication.
Photo: courtesy of Oracle.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.