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On April 18th, the International Air Transport Association (IATA) warned that the Middle East conflict could trigger aviation fuel rationing measures, with flight cancellations in Europe potentially starting as early as the end of May. IATA urged governments to develop coordinated and comprehensive response plans as soon as possible to mitigate the impact on flight operations. According to Lianhe Zaobao, IATA Director General Walsh stated on Friday (April 17th) that the International Energy Agencys earlier assessment that European aviation fuel shortages could begin within about six weeks should be taken very seriously. Walsh said, "Based on the current situation, Europe could begin canceling flights due to aviation fuel shortages as early as the end of May, and similar situations have already occurred in parts of Asia."On April 18, Iranian Deputy Foreign Minister Saeed Khatibzadeh stated that Iran will never accept a US blockade of its ports or any other "orders" issued by the US. "There will never be any blockades in the future," he said. "The era of colonialism must end," he added. The US "cannot dictate to other countries."The UK Maritime Trade Operations Office has received reports of an incident occurring 20 nautical miles northeast of Oman.April 18th - While Hong Kongs IPO market is booming, some companies seeking to list are submitting substandard or overly embellished listing documents. Liu Ying, Co-Head of Initial Public Offering Review at the Hong Kong Stock Exchanges Listing Division, stated in an interview that companies seeking to expedite the approval process must ensure their information disclosure is truthful, accurate, comprehensive, and concise. The Hong Kong Stock Exchange is currently reforming its listing mechanism, allowing applicants to submit materials confidentially, but simultaneously upgrading its penalty mechanisms. If the materials fail to meet standards, the names of the sponsor, law firm, accountants, and other professional teams will be publicly disclosed. She reminded the market that thorough preparation is the fastest path to listing.April 18 - According to the Iraqi National News Agency, the Iraqi Ministry of Oil stated that oil exports from all oil fields will resume in the coming days. Four energy sources said that after a disruption of more than a month due to shipping blockages in the Strait of Hormuz, Iraq resumed oil exports from the south on Friday, with one tanker already loading crude oil.

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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