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Market news: Russian oil drilling activity is expected to fall to its lowest level in three years in 2025.Slovakian refinery SLOVNAFT said it has ordered seven tankers to transport oil from Saudi Arabia, Norway, Kazakhstan and Libya to Croatian ports during the Friendship Pipeline shutdown.On February 18, Iranian President Pezzichyan met with visiting Russian Energy Minister Tsering Zivilev. Pezzichyan stated that Iran is determined to swiftly and accurately implement the comprehensive strategic cooperation plan between the two countries and to propel bilateral cooperation to a new level. He added that countries in the region should expand their relations so that regional affairs can be resolved without the intervention of external powers. Zivilev stated that no one can undermine the strategic relationship between Russia and Iran.A Reform Party economic affairs spokesperson said: "We will develop strict fiscal rules and take market views into account."February 18 – The European Commission announced on February 18th that it has adopted a comprehensive strategy to increase support for the EUs eastern regions bordering Russia, Belarus, and Ukraine. The announcement reaffirmed the Commissions continued commitment to supporting these regions. It outlines a series of actions aimed at helping the affected areas address challenges. To ensure progress, the European Commission will launch an annual high-level political dialogue to promote discussions on EU actions and their impact on the resilience and development of the EUs eastern regions bordering Russia, Belarus, and Ukraine. The first dialogue will be held on February 26th, at which time financial institutions will sign a declaration launching the "Eastern Investment Mechanism."

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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