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Fitch downgraded Honda Motors rating to "A-" with a negative outlook.On March 31, Foreign Ministry Spokesperson Mao Ning stated at a regular press conference that world cultural heritage is a precious asset of all humankind. China deeply regrets the damage suffered by Irans cultural relics and historical sites during the war and urges all warring parties, especially the United States and Israel, to immediately and comprehensively cease military operations, initiate dialogue and negotiations as soon as possible, and end this war that should never have happened.According to the Iraqi state news agency, the drone crashed in an open area of the West Qurna 1 oil field in Iraq without exploding.On March 31, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked, "China has announced the visit of Pakistani Deputy Prime Minister and Foreign Minister Dar to China. This is Deputy Prime Minister and Foreign Minister Dars second visit to China in three months. Is this visit related to the recent situation in Iran?" Mao Ning stated that China and Pakistan are all-weather strategic cooperative partners who trust and support each other. The two countries share similar positions and maintain close communication on major international and regional issues. "I believe that the two foreign ministers will strengthen strategic communication and coordination on international and regional issues of common concern, such as the situation in Iran, jointly voice their support for peace and justice, and make new efforts to promote peace and stop wars, and maintain regional peace and stability."Indonesian Deputy Speaker urges the public not to hoard fuel, as oil prices will remain unchanged.

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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