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Oracle Corporation (ORCL+0.95%) has filed its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports total revenues of $14.1 billion for the quarter, an increase from $12.9 billion in the same quarter the previous year. This growth was driven by a rise in cloud and license revenues, which increased to $12.0 billion from $10.8 billion.
Cloud services and license support revenues grew to $10.8 billion from $9.6 billion, supported by increased customer demand for Oracle's cloud services.
Hardware revenues decreased to $728 million from $756 million, reflecting a strategic shift towards cloud-based infrastructure technologies.
Services revenues declined to $1.3 billion from $1.4 billion, impacted by a decrease in consulting services and advanced customer services.
Operating expenses increased to $9.8 billion from $9.3 billion, primarily due to higher infrastructure and employee-related expenses.
Research and development expenses rose to $2.5 billion from $2.2 billion, attributed to higher employee-related costs, including stock-based compensation.
The company reported an operating income of $4.2 billion, up from $3.6 billion in the prior year, with an operating margin of 30%.
Net income for the quarter was $3.2 billion, an increase from $2.5 billion in the previous year, with a basic earnings per share of $1.13.
Oracle issued $6.3 billion in senior notes in September 2024 to repay existing debt and for general corporate purposes, including stock repurchases and dividend payments.
The company repurchased 0.9 million shares of its common stock during the quarter, with approximately $6.7 billion remaining available for repurchases under the current authorization.
Oracle's effective tax rate for the quarter was 7.1%, influenced by a mix of income earned in various tax jurisdictions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oracle Corporation quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.