Oracle’s revenue for the fourth quarter ended May 31 rose to $11.84 billion, above analysts’ average estimate of $11.66 billion. Excluding items, the company earned $1.54 per share, beating analysts’ estimates of $1.37 per share.<\/p>\n
The company’s revenue rose as demand for its cloud products soared amid an industry-wide shift to cloud-based platforms.<\/p>\n
Oracle experienced currency headwinds of 5% in the fourth quarter, up from 2% to 3% in the third quarter.<\/p>\n
For the first quarter, the company expects significant revenue growth in its cloud business despite rising inflation and a stronger greenback.<\/p>\n
Oracle expects first-quarter revenue growth of between 17% and 18%, boosted by its $28 billion acquisition of healthcare IT company Cerner Corp.<\/p>\n
However, the company warned of a loss of $100 million per quarter in fiscal 2023 due to its decision to cease operations in Russia.<\/p>\n
“We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase,” Oracle Chief Executive Officer Safra Catz said in a statement.<\/p>\n