Oracle (ORCL) Earnings & Revenues Surpass Estimates In Q3
Zacks Investment Research | Mar 15, 2019 08:32AM ET
Oracle Corporation (NYSE:ORCL) delivered third-quarter fiscal 2019 non-GAAP earnings of 87 cents per share, which surpassed the Zacks Consensus Estimate of 84 cents. Revenues of $9.618 billion marginally surpassed the Zacks Consensus Estimate of $9.608 billion.
Earnings increased approximately 8% from the year-ago quarter (up 12% in cc). Further, revenues decreased 1% year over year but increased 3% in cc. This was toward the higher range of management’s guidance of 2-4% in cc.
Structural Changes
The company adopted a new Accounting Standards Codification ("ASC") 606, using the full retrospective method in the fiscal fourth quarter.
In first-quarter fiscal 2019, Oracle launched a bring-your-own-license (BYOL) program, which enabled customers to shift their existing on-premise licenses to the Oracle Cloud. In doing so, Oracle claims that licenses covered by the BYOL program can neither be defined as on-premise nor as cloud.
Consequently, the company started reporting its new software licenses under its new Cloud license and on-premise license segment. Further, the company merged its Cloud SaaS, Cloud PaaS and IaaS along with its software license updates and product support into Cloud services and license support.
In the past year, the company’s shares have returned 1.5%, underperforming the Zacks Investment Research
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