Oracle Q4 Earnings Beats View; But Revenue Misses

(RTTNews) - Business software giant Oracle Corp. (ORCL), Tuesday reported a fourth-quarter profit that beat Wall Street estimates, however, revenues fell short of expectations due to COVID-19 pandemic.

Redwood Shores, California-based Oracle reported fourth-quarter profit of $3.12 billion or $0.99 per share, compared to $3.74 billion or $1.07 per share last year.

On an adjusted basis, earnings for the quarter $3.78 billion or $1.20 per share for the period. Analysts polled by Thomson Reuters expected earnings of $1.16 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter slipped 6.3% to $10.44 billion from $11.14 billion last year. Analysts had a consensus revenue estimate of $10.67 billion.

"Our overall business did remarkably well considering the pandemic, but our results would have been even better except for customers in the hardest-hit industries that we serve such as hospitality, retail, and transportation postponing some of their purchases. Still, for the third year in a row, we delivered double-digit constant currency earnings per share growth in FY20," said Oracle CEO, Safra Catz.

ORCL closed Tuesday's trading at $54.59, up $1.34 or 2.52%, on the Nasdaq. The stock, however, slipped $2.30 or 4.21% in the after-hours trade.