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What's Going On With Oracle Stock Tuesday?
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What's Going On With Oracle Stock Tuesday?
Jun 11, 2024 8:44 AM

Oracle Corp ( ORCL ) shares are in the spotlight Tuesday ahead of earnings. Here’s a look at what you need to know.

What To Know: Oracle is due to report its fiscal fourth-quarter financial results after the market close on Tuesday. The company is expected to report earnings of $1.65 per share and revenue of $14.554 billion, according to estimates from Benzinga Pro.

Oracle has beat EPS estimates, but missed on revenue in three consecutive quarters, according to data from Benzinga Pro.

Last quarter, Oracle delivered mixed results, but the stock moved higher as the company grew remaining performance obligations to a record high above $80 billion and provided strong commentary regarding the trajectory of the business.

“We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply,” CEO Safra Catz said at the time.

“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.”

On Monday, Citigroup analyst Tyler Radke maintained Oracle with a Neutral rating and lowered the price target from $133 to $128. Multiple analysts previously raised price targets on Oracle after the company’s third-quarter earnings results in March. The consensus price target for Oracle is currently around $109, according to Benzinga’s analyst data.

Check This Out: Oracle Q4 Earnings Preview: Analyst Estimates, Key Items To Watch Including Cloud Infrastructure Momentum, AI Partnerships

ORCL Price Action: At the time of publication, Oracle shares were roughly flat at $124.03 ahead of earnings, per Benzinga Pro.

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