We just got numbers from Oracle Corp (NYSE:ORCL) for its fiscal Q1 2023 financial results.
The company missed ever so slightly on revenue. It came in at $11.45 billion versus $11.46 billion estimated, and they also missed on earnings per share. It came in at $1.03 versus a $1.08 estimate for the quarter.
And even though Oracle (NYSE:ORCL) missed on revenue, the company still grew revenue 18% year over year. The company is working aggressively to actually shift their customer base onto their online cloud version of their database and their software.
Their cloud revenue for the quarter came in at $3.6 billion, which was up 45% year over year in US dollars.
Oracle Expects Solid Q4 Revenue Growth
And as for the next quarter, in terms of guidance, the company sees revenue growth at about 21% to 23% year over year, which is solid.
As for the stock, you guys can see it’s doing pretty well considering the stock market in general is not doing well right now.
And I think if it breaks out of $80, $78 to $80, there could be a lot more upside.
What do you guys think? Follow along for more.