Oracle Corporations (ORCL) went up by 10.40% aftermarket, following the company’s upbeat Q2 fiscal 2022 earnings announcement. After the announcement on December 09, the stock entered green aftermarket, while earlier it was trading in the red.
In Thursday’s session, ORCL stock was down by 0.19% at 8.62 million shares. Following the close at $88.77, the stock entered green at $98.00 in the after hours. The after-hours saw a good volume of 1.54 million shares on Thursday.
ORCL and its Recent Movements
Founded in 1977, Oracle Corporations (ORCL) works for enterprise information technology environments throughout the world. Its business segments include Cloud and License, Hardware, and Services. Currently, ORCL has 2.73 billion shares outstanding in the market. Moreover, the market capitalization of the company is $243.13 billion as of now.
In the past five days, the stock has subtracted 1.36%, while losing 5.60% last month. Further, the stock has gained over 37.2% year to date.
On December 09, after the earnings’ announcement, ORCL reached $98.00 in the after-hours, just a little short of its 52-week high. Previously, the stock had crossed $98 on October 26, attaining its 52-week high just the previous day.
Q2 Fiscal 2022 Financials
In the second quarter of fiscal 2022, ORCL had total revenue of $10.4 billion, showing an increase of 6% year-over-year. Comparatively, the consensus estimate for the quarter’s revenue was $10.2 billion. In addition, the Cloud services and license supports revenues were $7.6B, and Cloud license and on-premise license revenues were $1.2B. This shows a respective increase of 6% and 13%.
Moreover, the non-GAAP operating income in the second quarter of fiscal 2022, was $4.9 billion, showing an increase of 6%. Subsequently, the quarter reported earnings per share of $1.21, marking a 14% increase. The EPS beat the consensus estimate of $1.11 per share as well as surpassed ORCL’s guidance by $0.10.
Will ORCL cross its 52-week High?
Since the stock has nearly reached its 52-week high in the previous aftermarket session, the question arises whether it will break the high or not? There is a good possibility that ORCL will continue to go up in the upcoming premarket session. But as all stocks are bought by profit bookers, it can enter a downtrend as well. While profit booking is inevitable, holding it a little longer would possibly result in the stock reaching its new 52-week high.
