Oracle (ORCL) Q3 2024 earnings report

• Profits: $1.41 per share, adjusted, versus $1.38 expected, according to LSEG, formerly Refinitiv
• he won: $13.28 billion, compared to $13.3 billion expected, according to LSEG

Revenue rose 7% in the quarter from $12.4 billion a year earlier. Net income rose 27% to $2.4 billion, or 85 cents per share, from $1.9 billion, or 68 cents per share, a year earlier.

Oracle's cloud services and licensing support segment, its largest business, saw sales rise 12% to $9.96 billion, slightly beating StreetAccount's forecast of $9.94 billion. The company attributed this increase to strong demand for its artificial intelligence servers.

Safra Catz, Oracle's CEO, said the company added several “large new cloud infrastructure” contracts during the quarter. Oracle said the company's cloud revenue, which was reported as part of the unit, rose 25% year over year to $5.1 billion.

“We signed several large deals this quarter and have more in the pipeline,” Katz told investors on the earnings call.

The company's other units did not perform as well.

Cloud licenses and on-premises sales fell 3% to $1.26 billion, slightly exceeding StreetAccount expectations. Hardware revenue fell 7% to $754 million, while sales in the company's services division fell 5% to $1.31 billion, both below StreetAccount forecasts.