News
What Wall Street Analysts Think of Oracle's Stock Ahead of Earnings
Key Takeaways
Oracle ( ORCL ) will report fiscal second-quarter earnings after the market closes Monday, with analysts watching for a bump in the tech giant's cloud services revenue.
Of the 17 brokers tracked by Visible Alpha, 9 have a “buy” or equivalent rating, compared to 8 “hold" ratings. The consensus price target is about $178, which is more than 7% below Friday’s intraday price.
The database giant is expected to report revenue of $14.13 billion, up 9% year-over-year. Analysts project net income of $3.05 billion or $1.07 per share, compared to $2.50 billion or 89 cents per share a year earlier. Cloud Services, Oracle's largest business, is expected to deliver revenue of $5.98 billion, up 25% from the year-ago quarter.
Shares of Oracle rose more than 2.9% intraday Friday to $191.59 and have surged more than 80% in 2024, hitting record highs driven by artificial intelligence (AI) enthusiasm. Last quarter, Oracle beat analysts expectations as the company said demand for training artificial intelligence (AI) large language models in the cloud surged.
Read the original article on Investopedia