EUR/USD 1.17231
0.211%
Gold 4760.11
-0.112%
Oil 91.870
-0.071%
USD/JPY 159.285
0.195%
GBP/USD 1.34576
0.169%
GBP/JPY 214.364
0.383%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
April 11 – US President Trumps goal of significantly increasing global sales of US artificial intelligence chips may be facing risks stemming from licensing bottlenecks, staff losses, and a lack of policy guidance from federal agencies responsible for overseeing billions of dollars worth of sensitive US technology exports. Over the past year, the Bureau of Industry and Security (BIS), a small but powerful agency within the Commerce Department, has taken on an increasing amount of bureaucracy closely tied to the core of Trumps economic agenda. However, while these growing workloads have placed considerable pressure on the agency, more than 20 people familiar with the matter revealed that the agency has lost dozens of experienced employees in the past year, resulting in a turnover rate of nearly 20% for regulatory development and licensing approval personnel. They also stated that increasingly stringent control over individual licenses by senior officials and a lack of policy direction have reduced the agencys ability to handle its workload.The Federal Reserve accepted a total of $507 million from five counterparties in its fixed-rate reverse repurchase operations.Baker Hughes Oilfield Services: The U.S. drilling company has cut oil and gas drilling rigs for the third time in four weeks.The total number of oil rigs in the United States for the week ending April 10 was 411, unchanged from the previous week.The total number of natural gas drilling rigs in the United States for the week ending April 10 was 127, compared to 130 in the previous week.

Oracle Sales And Earnings Exceed Forecasts Amid Cloud Surge

Aria Thomas

Jun 14, 2022 11:50

14.png


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.


Suggestion