Oracle Set to Release First-Quarter Fiscal 2024 Results

Oracle, the business software giant, is set to announce its first-quarter results for fiscal year 2024 on Monday after the market closes. Here's what you need to know:

Revenue

According to FactSet, Oracle is expected to report $12.25 billion in revenue for the quarter, showing growth from $11.45 billion in the same period last year.

Adjusted Earnings

FactSet also predicts that Oracle will post adjusted earnings of $1.15 per share, compared to $1.03 per share in the previous year.

Net Income

Oracle is projected to report $2 billion in net income, up from $1.55 billion in the corresponding period of the prior year.

Key Factors to Watch

Investors will closely observe Oracle's results as a gauge of software demand, given that customers are still being cautious with their spending. CEO Safra Catz stated in the previous quarter that there is remarkable demand for their cloud services, particularly their artificial intelligence services. Consequently, Oracle anticipates continuous growth in cloud revenue, which will contribute significantly to the overall revenue throughout fiscal year 2024.

Furthermore, it will be interesting to see if Oracle mentions any potential acquisition targets. Catz emphasized in the prior quarter that there are ample growth opportunities ahead that will drive future acceleration. She expressed optimism by stating, "We're far from done. In fact, I just told my team I think we're at about the middle of the beginning."

Lastly, Oracle may provide updates on the progress of integrating Cerner, a significant development highlighted by Catz. She acknowledged that Oracle is still at an early stage with Cerner and mentioned significant operational and development work underway. By leveraging Oracle's technical capabilities and migrating them to the Oracle Cloud, there are anticipated cost savings and enhancements in product offerings.