Software company Oracle Corp
What Happened: Oracle reported first-quarter revenue of $12.45 billion, which was up 9% year-over-year. The revenue total beat a Street consensus estimate of $12.46 billion, according to data from Benzinga Pro.
The company reported first-quarter adjusted earnings per share of $1.19, which beat a Street consensus estimate of $1.15.
In the first quarter, cloud revenue totaled $4.6 billion, which was up 30% year-over-year. Cloud Application revenue made up $3.1 billion of the total and was up 17% year-over-year. Cloud Infrastructure revenue made up $1.5 billion of the total and was up 66% year-over-year.
Free cash flow in the first quarter was $5.7 billion, which was up 21% year-over-year.
"Oracle Cloud Infrastructure revenue grew 66% in Q1, much faster than our hyperscale cloud infrastructure competitors," Oracle CEO Safra Catz said. "Total cloud services revenue, Infrastructure plus Applications, grew 30% to $4.6 billion in the quarter."
Oracle Cloud Services and License Support revenue now make up 77% of the company's total revenue, Catz said.
"This highly-predictable, highly profitable recurring revenue stream - combined with continued expense discipline - drove 16% growth in non-GAAP earnings per share, 21% growth in free cash flow, and $7.0 billion in operating cash flow in the Q1."
What's Next: Oracle will host a conference call to discuss the results at 5 p.m. ET.
