Oracle Initiates New Round of Layoffs in Cloud Division
Oracle Corporation has announced significant layoffs in its Cloud Infrastructure division, affecting hundreds of employees from various levels, including recent graduates and senior directors. This move, which began on November 1, raises concerns about Oracle’s workforce strategy and compensation management. As the tech giant faces ongoing job cuts, industry observers are questioning the implications for company culture and the future of the cloud computing market.
Oracle Shares Surge 9% After Strong Q1 Earnings Report
Oracle Corporation’s shares surged 9% after a strong fiscal Q1 earnings report, exceeding Wall Street expectations with adjusted earnings per share of $1.39 and revenue of $13.31 billion. The company’s cloud services and strategic partnerships, including a collaboration with AWS, highlight its growth in the competitive tech landscape.
Stocks Surge in After-Hours Trading with Oracle, Rentokil, and Rubrik Making Headlines
After-hours trading saw significant movements in stocks like Oracle, Rentokil, and Rubrik, indicating potential market shifts and investor interest. Oracle’s tech sector influence, Rentokil’s consumer behavior insights, and Rubrik’s data management importance showcase the dynamic nature of the stock market and the need for informed investment decisions.
IG International Clarifies No Official Line Account Existence
IG International has clarified that they do not have an official Line account, warning against unauthorized and fake accounts. CFD trading carries a high risk of losing money, with 70% of retail client accounts at risk. Financial analysts are watching various indicators and market movements, including upcoming earnings reports and economic data releases. Angeline Ong discusses the GBP/USD exchange rate, US economic signals, and Federal Reserve actions. US API crude oil inventories and corporate earnings from Oracle and FirstGroup are also key points of interest for finance professionals.
Oracle Corp. Exceeds Wall Street Expectations with Quarterly Earnings
Oracle Corp. reported quarterly earnings that exceeded Wall Street’s expectations, leading to a 13% surge in its shares during extended trading. The fiscal third quarter ending Feb. 29 saw the company’s earnings per share at $1.41, higher than the expected $1.38, while its revenue of $13.28 billion fell slightly short of the $13.3 billion anticipated. Looking ahead, Oracle projected earnings of $1.62 to $1.66 per share for the fiscal fourth quarter, with revenue growth expected to be between 4% and 6% over sales of $13.8 billion a year ago. Oracle CEO Safra Catz expressed the company’s commitment to reaching its previously stated sales goal of $65 billion by fiscal 2026, suggesting that these targets might be too conservative given the company’s momentum. The quarter saw a 7% increase in revenue from a year earlier, with net income climbing 27% to $2.4 billion. The company’s cloud services and license support segment, its largest business, experienced a 12% sales increase to $9.96 billion, attributed to strong demand for its artificial intelligence servers. Additionally, the company’s cloud revenue rose 25% year over year to $5.1 billion. During the earnings call, Oracle Chairman Larry Ellison mentioned increased business from Microsoft, revealing that Oracle is building 20 data centers for Microsoft and Azure, with three more ordered in the recent week. However, the company’s cloud license and on-premise sales declined 3% to $1.26 billion, slightly beating forecasts.