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Oracle Corporation (ORCL) - Q1 2024 Earnings Recap

On Monday September 11th, 2023, Oracle Corp reported their Q1 earnings, which showed solid results, but a slowdown overall on the topline. The stock fell hard the next day after earnings, but it was due more to the weaker than expected guidance than anything else.

Here is a recap of the company’s Q1 earnings:

Here is how the Q1 ‘24 earnings compared to analyst expectations:

• Total Revenues: $12.45 Billion vs expectations of $12.47 Billion (MISS)

• Adj EPS: $1.19 vs expectations of $1.15 (BEAT)

Here is a closer look at the company’s Q1 ‘24 results by segment:

• Q1 Cloud Revenue: $4.6 billion, up 30%

• Q1 Cloud Infrastructure Revenue $1.5 billion, up 66%

• Q1 Cloud Application Revenue $3.1 billion, up 17%

• Q1 Fusion Cloud ERP Revenue $0.8 billion

• Q1 NetSuite Cloud ERP Revenue $0.7 billion

• Non-GAAP operating income was $5.1 billion, up 13%

• Non-GAAP operating margin was 41%.

• Short-term deferred revenues were $11.1 billion

• Q1 operating cash flow was $7.0 billion, up 9%

• Q1 free cash flow was $5.7 billion, up 21%.

On the week, shares of ORCL fell 9.5%. The company’s Q2 ‘24 revenue guidance missed analysts’ expectations by 2% with EPS guidance of $1.33 coming in below the expected $1.37.

In terms of the Balance Sheet, ORCL had $12 billion of cash on hand with $84 billion of long-term debt and $4.5 billion of current debt (due within the next 12 months).

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