Enterprise software giant Oracle Corporation (
) on Friday posted a 20% jump in fiscal first quarter profit,
beating analyst estimates and sending its shares higher in
The Redwood City, CA-based company reported fiscal first quarter
net income of $1.35 billion, or 27 cents per share, compared with
$1.12 billion, or 22 cents per share, in the year-ago period.
Excluding one-time items, adjusted profit was 42 cents per
Revenue surged 50% from last year to $7.6 billion on a non-GAAP
On average, Wall Street analysts expected a smaller adjusted
profit of 37 cents per share, on lower revenue of $7.27
Looking ahead, the company forecast second quarter non-GAAP
earnings per share of 45 to 47 cents per share, which could meet or
exceed analysts' expectations of 45 cents.
Oracle shares rose 94 cents, or +3.7%, in premarket trading
The Bottom Line
We had removed shares of ORCL from our recommended list back on May
4, when the stock was trading at $26.01. Shares of ORCL have a .79%
dividend yield, based on last night's closing stock price of
$25.36. The stock has technical support in the $22-$23 price area.
If the shares can firm up, we see overhead resistance around the
$27-$29 price levels. We would remain on the sidelines for now.
Oracle Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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