Though Oracle matched analysts' revenue targets and beat adjusted profit estimates during the company's fiscal third quarter, its stock was down more than 3% in after-hours trading.
Making good on years of promises, the company reported strong cloud growth, a vital area for the 40-year-old database company as it looks to catch up with more established cloud rivals at Amazon Web Services and Microsoft.
Oracle reported $1.6 billion in revenue from its cloud services — which includes a mix of its software, platform, and infrastructure services — up 32% from the year before.
But overall, Oracle reported losses of $4 billion for the quarter and a loss of $0.98 per share, which it attributed to the new GOP tax law.
Still, co-CEO Safra Catz remained optimistic that the company would continue to perform well on a non-GAAP basis.
"During FY17, I forecast double-digit non-GAAP earnings per share growth for FY18," Catz said in a statement. "At this point, I feel quite confident that we will comfortably deliver on my original forecast of double-digit non-GAAP earnings per share growth for FY18."
Here's what Oracle reported:
- Earnings per share (adjusted) was $0.83, up 16% from the year before. Analysts expected $0.72.
- Revenue (GAAP) for the quarter was $9.77 billion, up 6% from the year before. Analysts expected $9.78 billion.
- Cloud revenue at the company was up 32%, to $1.6 billion.
Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!
