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2 min read | Updated on June 13, 2024, 15:04 IST
SUMMARY
Oracle Corp reported a 5% year-on-year (YoY) decline in its net income at $3.14 billion in the fourth quarter. The total revenue grew 3% YoY to $14.28 billion while the firm’s operating income rose 13% YoY to $4.68 billion.
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Oracle Financial Services Software soars 13% on US parent company’s strong results
Oracle Corp reported a 5% year-on-year (YoY) decline in its net income at $3.14 billion in the fourth quarter. The total revenue grew 3% YoY to $14.28 billion while the firm’s operating income rose 13% YoY to $4.68 billion.
For the financial year ending on May 31, 2024, the company’s net income jumped 23% YoY to $10.46 billion. The total revenue during the year climbed 6% YoY to $52.96 billion. Meanwhile, the operating income for the year saw a 17% YoY growth to $15.35 billion.
During the fiscal year, the company’s revenue from cloud services and license support rose 12% YoY to $39.38 billion. However, revenue from cloud license and on-premise license saw a 12% YoY decline to $5.08 billion. Revenue from hardware and services declined by 6% YoY and 3% YoY, respectively.
Safra Catz, chief executive officer of Oracle Corp said the company signed the largest sales contracts in its history during the third and fourth quarters of the fiscal year driven by enormous demand for training AI large language models in the Oracle Cloud.
“These record-level sales drove RPO up 44% to $98 billion. Throughout fiscal year 2025, I expect continued strong AI demand to push Oracle sales and RPO even higher—and result in double-digit revenue growth this fiscal year,” she said.
Oracle Financial Services Software, a majority-owned subsidiary of Oracle Corp, reported a 23% YoY rise in its net income to ₹2,219 crore for the financial year ended on March 31, 2024. In FY24, the company’s consolidated revenue grew by 12% YoY to ₹6,373 crore. The operating income during the year saw a growth of 13% YoY to ₹2,680 crore.
Shares of Oracle Financial Services Software have risen by nearly 120% since the beginning of the year. The stock has gained nearly 152% in the last one year.
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