Oracle (ORCL) will report fiscal second-quarter earnings after the market closes Monday, with analysts watching for a bump in the tech giant’s cloud services revenue.
Of the 17 brokers tracked by Visible Alpha, 9 have a “buy” or equivalent rating, compared to 8 “hold” ratings. The consensus price target is about $178, which is more than 7% below Friday’s intraday price.
The database giant is expected to report revenue of $14.13 billion, up 9% year-over-year. Analysts project net income of $3.05 billion or $1.07 per share, compared to $2.50 billion or 89 cents per share a year earlier. Cloud Services, Oracle’s largest business, is expected to deliver revenue of $5.98 billion, up 25% from the year-ago quarter.
Shares of Oracle rose more than 2.9% intraday Friday to $191.59 and have surged more than 80% in 2024, hitting record highs driven by artificial intelligence (AI) enthusiasm. Last quarter, Oracle beat analysts expectationsas the …