Oracle beats Q4 estimates on solid cloud services growth

Oracle's cloud services and license support revenues increased eight percent to $6.77 billion.

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Oracle reported better-than-expected fourth quarter financial results on Tuesday, giving its stock price a bump after hours.

The company's non-GAAP net income for Q4 2018 was $3.41 billion, with non-GAAP earnings per share coming to 99 cents. Total revenues rang up to $10.9 billion. A year prior, Oracle delivered non-GAAP earnings of 89 cents a share on revenue of $10.9 billion.

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Wall Street was looking for non-GAAP earnings of 94 cents a share on revenue of $11.19 billion.

Elsewhere on the balance sheet, Oracle's cloud services and license support revenues increased eight percent to $6.77 billion. Meanwhile, cloud license and on-premise license revenue decreased five percent to $2.4 billion, hardware revenue was flat at $1.12 billion, and services revenue was $883 million, down one percent.

For the year, Oracle reported earnings of $3.12 per share on revenue of $39.8 billion. Analysts expected $3.08 per share on revenue of $39.8 billion.

In a statement, Oracle co-CEO Safra Catz said the company expects revenue growth over the next fiscal year to drive double-digit non-GAAP earnings per share growth

Oracle didn't provide exact guidance for its new fiscal year in Tuesday's release.

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"We had a great fourth quarter with total revenues more than $200 million above our constant currency forecast," said Oracle's other CEO, Mark Hurd. "Our strategic Fusion ERP and HCM SaaS cloud applications suite revenues grew over 50% in the fourth quarter, and we expect continued strong growth from our Fusion SaaS suites throughout FY19."