Oracle zooms 21% after reporting robust Q3 numbers; Stock Market LIVE Updates

Oracle zooms 21% after reporting robust Q3 numbers; Stock Market LIVE Updates

Shares of the financial services software provider are up 21% today.

This comes after the company’s Q3 net profit jumped 70% year-on-year to 741 crore. The robust growth in profits was aided by a 26% rise in revenue to 1,823 crore.

The management said that the company continues to see a robust deal pipeline across all the regions. “Our licence fees signings were US $49.5 million across our product lines for both Cloud/SaaS and on-premises deployment modes,” said the management. For the nine months of FY24, the company’s licence signings stood at US $117.4 million – 76% higher than the same period last year.

The company signed a landmark cloud deal with Navy Federal Credit Union, USA during the quarter. The world’s largest credit union will leverage Oracle Banking Account Cloud Service, Oracle Fusion Cloud ERP, and OCI Integration for deposits, consumer lending, and finance processes.

“With these services, Navy Federal will be able to deliver secure, real-time account servicing to members and increase efficiency to manage its significant growth. The credit union also uses Oracle Fusion Cloud HCM to improve experiences for more than 24,000 employees,” said the management.