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On Thursday, March 5, the Hang Seng Index opened 334.17 points higher, or 1.32%, at 25,583.65; the Hang Seng Tech Index opened 77.55 points higher, or 1.61%, at 4,907.05; the H-share Index opened 93.47 points higher, or 1.1%, at 8,577.42; and the Red Chip Index opened 20.83 points higher, or 0.48%, at 4,339.05.March 5th - The Fourth Session of the 14th National Peoples Congress opened on the morning of March 5th at the Great Hall of the People. Xi Jinping and other Party and state leaders attended the opening ceremony, and Premier Li Qiang delivered the government work report to the Congress. The government work report stated: Cultivate and strengthen emerging and future industries. Establish a mechanism for increasing investment and sharing risks in future industries, and cultivate and develop future industries such as future energy, quantum technology, embody intelligence, brain-computer interfaces, and 6G.According to the Financial Times, Anthropics CEO is meeting with a deputy to US Defense Secretary Hergsay in an attempt to reach a compromise on the military applications of Anthropic technology.Government Work Report: Support localities with suitable conditions to promote spring and autumn breaks for primary and secondary schools, and implement a paid staggered vacation system for employees.Government Work Report: A special fund of 100 billion yuan will be established to promote domestic demand through fiscal and financial synergy, and a combination of loan interest subsidies, financing guarantees, and risk compensation will be used to support the expansion of domestic demand.

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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