Oracle Hits Nine-Year High

Wow, Mark Hurd hasn’t been on the job very long and Oracle (ORCL) is already doing well. The company just reported very strong results. The stock is now over $27 which is a nine-year high.

Oracle reported a net income of $1.35 billion, or 27 cents a share, compared with a profit of $1.12 billion, or 22 cents a share, for the year-earlier period. Revenue rose 48% to 7.5 billion. Adjusted income was 42 cents a share.
Analysts had expected the company to report adjusted earnings of 36 cents a share on revenue of $7.3 billion, according to a consensus survey by FactSet Research.
Oracle has been widely expected to benefit from rising corporate spending on information technology. But Oracle Co-President Safra Catz said in a call with analysts that “what’s really going on is we have a lot of company-specific momentum in each line of business.”

The stock is up 11% since Hurd came on board 11 days ago.

Posted by on September 17th, 2010 at 2:21 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.