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Yahoo Finance anchors discuss better-than-expected quarterly earnings for Oracle.
Shares of Oracle are popping this morning after reporting better-than-expected earnings last night. The stock is also the top trending ticker on the Yahoo Finance platform. And guys, on a pretty good quarter for Oracle, which comes against a backdrop of slowing enterprise sales and slowness in general in tech. And here's Oracle with 10% adjusted year over year revenue growth and acceleration in their infrastructure cloud business.
You have a lot of analysts coming out here striking an upbeat tone for Oracle. Citi calling the results impressive. They're looking to get more constructive. On Oracle who would have thought Oracle here of all companies reporting this type of quarter and getting this type of feedback and this type of market reaction really in a down down beat take for tech?
- Yeah, I think what they said specifically here-- entering a hyper growth phase. Investors are latching on to that. They believe that the revenue growth spike, it indicates that their infrastructure business has now entered that hyper growth phase that I mentioned. High growth rate in the Cloud Infrastructure business. Newly acquired Cerner applications. If you look across the ERP landscape, for years, I would say even decades at this point, it's been an acquire to grow strategy, and that's all that they're saying in this report is that those acquisitions are continuing to pay off well for us.
- Yeah, well the Cerner one's a big one. $28 billion acquisition that just closed last week. And the company is also painting itself as one that will benefit even in a recessionary or slowing growth environment, that companies will still spend on things like cloud services. And by the way, you mentioned this last quarter looked good. The forecasts also look really good from the company. That bears emphasizing as well. And the current quarter revenue could rise as much as 19%. And also it's going to rise-- cloud revenue specifically going to rise as much as 25% for the full year.
Now, one little thing to mention that you pointed out and you've been emphasizing is what's going on because of currency fluctuations. Revenue in the last quarter was cut 5% by currency fluctuations. This is a company that gets almost half of its sales outside the Americas. So one of these examples of a company that's being hurt by stronger dollar but not hurt so much that it's not doing pretty well here.
- Last two years holding on to 23% gains right now.