Shares of Oracle (NYSE:ORCL) fell in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $1.19, which beat analysts’ consensus estimate of $1.15 per share.
Sales increased by 8.7% year-over-year, with revenue hitting $12.45. This missed analysts’ expectations by $20 million. The major driver of revenue growth was the company’s cloud segment, which increased 30% year-over-year to $4.6 billion.
Is Oracle a Buy, Sell, or Hold?
Overall, Wall Street has a Moderate Buy consensus rating on ORCL stock with a price target of $133.03. This implies 5% upside potential, as indicated by the graphic above.
