Oracle Reports Extraordinary Gain
Oracle (Nasdaq:ORCL), a company with a stock price that has been stagnant for years has some big news. The company’s recent strategy to acquire its competitors has proven dominant. For the quarter ending may 31st, Oracle’s profits grew 27% from last year to $1.3 billion. The company reported increased revenues across the board. The largest growth came from business applications which grew at an almost insane $83% to $641 million from last year’s $350 million.
The news came after Oracle closed trading for the day. Previously Oracle had estimated earnings would be around this figure, which is most likely why traders downgraded Oracle’s stock price a very un-oracle-like -1.38% to $14.33. Oracle’s CEO Larry Ellison expressed that he believed continued acquisitions had potential to keep the company growing 20% per year.