If, for some tech companies, the pandemic had a benefic effect and the financial results for the past quarter were better than expected, like Microsoft or Amazon, the same cannot be said about others, such as Oracle. The multinational technology corporation posted yesterday their Q1 financial results.
The company reported an EPS of 99 cents, with a net income of $3.11 billion. The revenue declined to $10.44 billion from $11.14 billion the same time last year. FactSet expected an EPS of $1.15 with $10.61 revenue.
The revenue from cloud services and license support increased by 1% to $6.8 billion. Hardware revenue lost 9% to $901 million. The revenue for services had the most significant drop – 11% to $735 million.
Oracle stocks gained 2.5% during regular trading hours, but dropped more than 4% after-hours. USA30 went up by 2%. Overall, the share price gained more than 3%, while TECH100 gained 10%, and USA500 lost 3%.
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Sources: marketwatch.com, barrons.com