Oracle Corp (NYSE:ORCL) reported fiscal third-quarter financial results after the market close on Monday. Here’s a look at the key metrics from the quarter.
What Happened: Oracle’s third-quarter revenue increased 7% year-over-year to $13.3 billion, which missed the consensus estimate of $13.306 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.41 per share, which beat average estimates of $1.38 per share.
Total remaining performance obligations were up 29%. Total cloud revenues were up 25%, cloud infrastructure revenues were up 49%, cloud application revenues were up 14%, Fusion cloud revenue was up 18% and NetSuite Cloud ERP revenues were up 20% in the quarter.
“We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply—despite the fact we are opening new and expanding existing cloud datacenters very, very rapidly,” said Safra Catz, CEO of Oracle.
“We expect that 43% of our current $80 billion of Remaining Performance Obligations will be recognized as revenue over the next four quarters, and that our Gen2 Cloud Infrastructure business will remain in a hypergrowth phase—up 53% in Q3—for the foreseeable future.”
Oracle’s board also declared a quarterly cash dividend of 40 cents per share to be paid on April 24 to stockholders of record as of April 10.