Oracle Corporation announced its fiscal 2022 second quarter results on Thursday. Total quarterly revenues of $10.4 billion were up 6% year over year. Revenues from cloud services and licence support increased by 6% to $7.6 billion. Revenues from cloud and on-premise licences increased by 13% to $1.2 billion.
The total revenue increased by 6% to $10.4 billion. Total cloud revenue (IaaS and SaaS combined) increased by 22% to $2.7 billion. Fusion ERP cloud revenue increased by 35%, while NetSuite ERP cloud revenue increased by 29%.
The payment of a judgement connected to a ten-year-old dispute concerning former CEO Mark Hurd’s employment had a negative impact on Oracle’s Q2 GAAP results. This payment resulted in a $824 million GAAP operating loss in Q2 and a $0.46 loss per share. Non-GAAP operating income increased by 6% to $4.9 billion in the second quarter, and profits per share increased by 14% to $1.21.
Revenues postponed for the short term totaled $7.9 billion. During the previous twelve months, operating cash flow was $10.3 billion.
“Oracle’s Q2 Non-GAAP earnings per share was up 14% to $1.21—beating guidance by $0.10. Constant currency revenue beat guidance by $200 million. These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue. We now have 8,500 Fusion ERP customers with revenue growing 35%, 28,400 NetSuite ERP customers with revenue growing 29%, and our Gen2 infrastructure businesses are growing even faster—and accelerating.”said Oracle CEO, Safra Catz.
“Oracle’s Autonomous Database and new MySQL Database with HeatWave are the world’s two highest-performance databases. Because of their extreme high-performance, both products present huge growth opportunities for our cloud infrastructure business. Oracle database on-premise customers are choosing our Autonomous Database as they move to the public cloud and our unique Cloud@Customer service. Amazon Aurora customers are discovering that moving to MySQL with HeatWave can increase their performance by more than ten-times—with a corresponding reduction in cost. These two databases will sustain Oracle’s database market and technology leadership for years to come.”said Oracle Chairman and CTO, Larry Ellison.
The board of directors raised the share repurchase authority by $10 billion. A quarterly cash dividend of $0.32 per share of outstanding common stock was also declared by the board of directors. This dividend will be paid on January 19, 2022, to stockholders of record as of the close of business on January 7, 2022.