Technology

Oracle shares spike 13% after beating earnings estimates

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A sign is posted in front of Oracle headquarters on December 09, 2021 in Redwood Shores, California.
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Shares of Oracle were up more than 13% during premarket trading on Friday after the company reported earnings and revenue that beat analyst estimates for the second quarter of 2022.

The stock is on track for its best day since March 13, 2020. It’s set to add about $33 billion to its market cap, bringing it to about $275 billion.

The company reported $1.21 per share, adjusted in earnings, exceeding analyst estimates of $1.11 per share, according to Refinitiv. It also brought in $10.36 billion for the quarter in revenue, beating estimates of $10.21 billion.

Oracle reported a net loss for the quarter of $1.25 billion, however, compared to net income of $2.44 billion it reported in the year-ago quarter. That was due to a payment resulting from a judgement in a long-running dispute related to former CEO Mark Hurd’s arrival at the company in 2010 from HP. Hurd died in 2019.

Oracle reported guidance for the fiscal third quarter that fell at the midpoint of Wall Street expectations, at an adjusted $1.16 per share. It also expects revenue to of $10.56 billion, implying about 5% revenue growth, on the high-end of analysts’ estimated range.

-CNBC’s Jordan Novet contributed to this report.

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