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Quarterly Beats for Oracle (ORCL) & Adobe (ADBE), Broadcom (AVGO) Mixed

Mark Vickery
While Oracle and Adobe both surpassed estimates on the top and bottom lines, Broadcom missed slightly on revenues.

Oracle ORCL has once again outperformed earnings estimates after today's closing bell, posting 87 cents per share versus a Zacks consensus of 84 cents, on $9.62 billion in quarterly revenues that beat the $9.59 billion expected. The company has not missed an earnings estimate since Q1 of fiscal 2017.

Standing out initially is $6.6 billion in cloud-based revenues for the quarter, a bit ahead of where analysts where anticipating. Oracle stock has risen 19.5% year to date ahead of this news; shares are actually ticking down slightly on modestly lowered guidance for next quarter.

Adobe Systems ADBE also topped expectations on its fiscal Q1 2019 earnings and sales results, with $1.71 per share on $2.60 billion surpassing the $1.61 per share and $2.54 billion analysts were looking for. Next quarter earnings per share guidance of $1.77 per share is well below the Zacks consensus $1.89, however. Yet shares continue inching upward in late trading, after surging roughly 30% from Christmas Eve 2018.

Broadcom AVGO, maker of radio frequency chips for smartphones, put up mixed quarterly report after the bell: earnings of $5.55 per share topped the $5.29 expected, but revenues of $5.79 billion were shy of the $5.82 billion in our consensus estimate.

The company cited the slowdown in China as being a factor, but because this has already been factored into fiscal full-year estimates, the company is retaining earnings guidance for 2020. Shares of AVGO are up 4.7% in late trading, putting the stock back up to levels seen a month ago.

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