Oracle Corp. (NASDAQ:ORCL) closed the regular session up 1.83 percent at $33.87 per share and climbed about an additional 1 percent in post-market trading after reporting fiscal first-quarter financial results. Revenues increased 2 percent on the year to $8.4 billion, just shy of the average analyst expectation of $8.48 billion. Adjusted earnings increased 12 percent on the year to 59 cents per share, beating the average analyst estimate of 56 cents. Adjusted earnings per share set a first-quarter record for Oracle.
Adjusted revenue from new software licenses and cloud software subscriptions increased 4 percent to $1.7 billion, accounting for about 20 percent of total revenue, and adjusted revenue from license updates and product support increased 7 percent to $4.4 billion, about 52 percent of revenue. Adjusted operating income climbed 4 percent on the year to $3.7 billion on the back of a 45 percent operating margin.
The news was good but not great. Oracle demonstrated that it can grow both revenue and earnings despite ongoing economic headwinds, and, gauging by the proximity of analyst estimates to actual results, the market seems to have a firm grasp of how the company is operating.