Despite missing fiscal fourth-quarter earnings estimates, Oracle (ORCL) shares are moving higher after Tuesday’s market close. The cloud computing company posted adjusted earnings of $1.63 per share (expected $1.65 per share) and $14.29 billion in revenue (expected $14.57 billion).
Oracle has also announced a partnership with Google’s Cloud Platform (GOOG, GOOGL) and OpenAI has selected its Oracle Cloud Infrastructure "to extend" Microsoft’s Azure AI platform (MSFT).
Synovus Trust Senior Portfolio Manager Dan Morgan says Wall Street is pushing those earnings figures to the side in favor of the hype around these new partnerships and Oracle’s cloud infrastructure.
"They generate about 38% of their revenues right now from cloud. And Oracle’s got a great opportunity," Morgan tells Yahoo Finance. "If they can cross-sell their huge mega database population, which is about 400,000 installs into their cloud business, it’d be huge."
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
