Oracle Named a Leader in 2023 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Eighth Consecutive Year
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Oracle Named a Leader in 2023 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Eighth Consecutive Year
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Oracle Named a Leader in 2023 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Eighth Consecutive Year
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Oracle (NYSE: ORCL) recently reported its first quarter results that failed to impress the market. The miss in the revenue performance and outlook sent the stock falling 9% in the after-hours trading session. Oracle's Financials Revenue for the first quarter grew 9% to $12.45 billion, slightly below analyst estimates of $12.47 billion. Net income was $2.4 billion or $0.86 per share. Adjusted EPS was $1.19. The market was looking for an EPS of $1.15. Cloud services and license support revenues grew 13% to $9.5 billion. Cloud license and on-premise license revenues fell 10% to $0.8 billion. Hardware revenues also registered a 6% reduction to $714 million. Services revenues grew 2% to $1.4 billion. Oracle projected the second-quarter revenue growth to be 5%-7%, lower than analysts' average estimate of 8.2%. Oracle also expects adjusted profit of $1.30-$1.34 per share, compared with estimates of $1.33. Oracle's Growth Focus Recently, Oracle announced its plans to add