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Uber: Wayve, Uber and Nissan signed a memorandum of understanding to jointly promote the development of autonomous taxis.March 12 (Futures News) – Geopolitical instability and unclear market direction for fuel oil have led to a quiet, wait-and-see trading atmosphere in the fuel oil market. Traders are cautious in their buying and selling, resulting in limited actual transactions and pressure on refinery inventories. It is expected that todays fuel oil market will see some prices remain stable, while others will experience narrow fluctuations.A chart summarizing the overnight price movements of international spot platinum and palladium.March 12 - According to CNN, the head of an Iraqi port company stated that they had successfully rescued 38 crew members from two foreign oil tankers after they were attacked and caught fire in Iraqi territorial waters, but at least one person tragically died. The Islamic Republic of Iran Broadcasting (IRIB) reported that an attack by Iranian underwater unmanned vessels "destroyed two oil tankers in the Persian Gulf tonight." The head of the Iraqi port company stated that its oil ports have ceased operations following the attack. Ship tracking data shows that the two ships were moored side-by-side when the fire broke out. It is understood that the vessels involved in the fire were the Maltese-flagged "Zefyros" and the Marshall Islands-flagged "Safesea Vishnu." The "Safesea Vishnu" is registered to an American company, while the "Zefyros" is owned by a Greek company.March 12 (Futures News) – Oil prices continued their upward trend, with cost support remaining. Due to concerns about supply issues, the May PX spot price traded at a floating price of $55/ton yesterday. Meanwhile, major domestic PX producers have plans to reduce operating rates, which is a dominant positive factor, leading to continued PX price increases today.

Oracle Sales And Earnings Exceed Forecasts Amid Cloud Surge

Aria Thomas

Jun 14, 2022 11:50

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Oracle Corp surpassed Wall Street projections for quarterly profit and sales on Monday, as demand for its cloud products surged in tandem with the industry-wide transition to cloud-based systems.


In extended trading, shares of the Austin, Texas-based corporation whose fourth-quarter sales increased by 5 percent soared by almost 12 percent.


Safra Catz, chief executive officer of Oracle (NYSE:ORCL), stated in a statement, "We think this revenue growth increase signals that our infrastructure business has entered a hyper-growth period."


Oracle, which projected a currency headwind of 5% in the fourth quarter, up from 2% to 3% in the third quarter, forecasts significant revenue growth in its cloud business despite growing inflation and a higher dollar.


Microsoft (NASDAQ:MSFT) in April and Salesforce (NYSE:CRM) Inc in May signaled a solid future for the cloud industry as corporations raise expenditure, but Microsoft reduced its fourth-quarter profit and sales prediction earlier this month owing to unfavorable currency exchange rates.


Oracle predicted a quarterly loss of $100 million in fiscal year 2023 due to the suspension of services in Russia.


However, the business anticipates first-quarter sales growth between 17 and 18 percent, thanks to its $28 billion purchase of healthcare IT provider Cerner Corp. (NASDAQ:CERN).


Oracle's prediction was released on a day when U.S. stock markets plummeted, with the S&P 500 confirming it was in a bear market, as investors feared that aggressive interest rate rises by the Federal Reserve may drive the country into recession.


The business anticipates adjusted first-quarter EPS between $1.04 and $1.08, compared to the average analyst expectation of $1.13.


According to IBES statistics from Refinitiv, revenue for the fourth quarter ended May 31 increased to $11.84 billion, above analysts' average forecast of $11.66 billion.


Excluding adjustments, the company's earnings per share were $1.54, above analysts' predictions of $1.37.


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