Oracle's (NYSE: ORCL) Q3 FY24 Results Highlight Robust Cloud Revenue Growth

2 min read | May 23, 2024 03:00 PM PDT | By Team Kalkine Media

Google News:

Image source: © Alexeynovikov | Megapixl.com

Recent News

Why AbbVie (NYSE:ABBV) Gains in S&P 500 Index Biopharma Push?

Why FactSet Research Systems Anchors Index Stability Gains Now?

Why Is M&T Bank Driving S&P 500 Index Regional Banking Strength?

Why Is MPLX Expanding Midstream Across NYSE Composite Energy?

Make Kalkine Media
My Trusted Source

Oracle Corporation (NYSE: ORCL) has announced its financial results for the third quarter of fiscal year 2024, showcasing a solid performance driven by its cloud services. The company reported total quarterly revenues of $13.3 billion, marking a 7% increase year-over-year in both USD and constant currency.

Revenue Highlights

Oracle's cloud services and license support revenues experienced a notable increase of 12% in USD and 11% in constant currency, reaching $10.0 billion. However, the company's cloud license and on-premise license revenues saw a decline of 3% in both USD and constant currency, totaling $1.3 billion.

Operating Income and Margins

The company's Q3 GAAP operating income stood at $3.8 billion. On a non-GAAP basis, operating income was reported at $5.8 billion, reflecting a 12% increase in both USD and constant currency. Oracle's GAAP operating margin was 28%, while the non-GAAP operating margin was significantly higher at 44%.

Net Income and Earnings Per Share

Oracle's GAAP net income for the quarter was $2.4 billion. The non-GAAP net income showed an 18% increase, reaching $4.0 billion in both USD and constant currency. The company reported a GAAP earnings per share (EPS) of $0.85, while the non-GAAP EPS was $1.41, a 16% increase in both USD and constant currency.

Cash Flow and Dividend

Short-term deferred revenues were reported at $8.9 billion. Over the past twelve months, Oracle generated an operating cash flow of $18.2 billion and a free cash flow of $12.3 billion. Reflecting its strong financial position, Oracle's board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend is scheduled to be paid on April 24, 2024, to stockholders of record as of the close of business on April 10, 2024.

About Oracle

Oracle Corporation offers integrated suites of applications along with secure, autonomous infrastructure through the Oracle Cloud. The company continues to focus on providing innovative cloud solutions that enhance business efficiency and security.

CEO's Statement

"Oracle's third quarter results demonstrate our strong operational performance and robust demand for our cloud services," said Oracle CEO. "We are committed to driving growth through continuous innovation and delivering value to our shareholders."

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.