Oracle stock jumped Monday after the database software giant reported fiscal third–quarter earnings that exceeded expectations, with sales that were in-line with consensus estimates.

outlook and how the social media company is competing with Meta Platforms. Tech analyst Debra Aho Williamson explains how Snap is shifting from its foundation in augmented reality to lean into artificial intelligence and how the company is refocusing advertising efforts to improve revenue.” vid-name=”Can Snap Catch Meta? How The Social Media Platform Is Harnessing AI To Improve Its Revenue Picture” vid-cat=”Industry Insights” vid-date=”02/15/2024″ vid-date-tmsp=”1707998918″ vid-image=”https://www.investors.com/wp-content/uploads/2024/02/XgDAWzGT-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
X

Oracle (ORCL) said that it earned an adjusted $1.41 per share on sales of $13.28 billion for the February-ending quarter. On average, analysts projected the Austin, Texas-based company would post adjusted earnings of $1.38 per share on sales of $13.28 billion, according to FactSet.

Adjusted earnings increased 16% year over year while sales increased 7%.

On the stock market today, Oracle stock is up more than 6% at 121.50 in after-hours action.

More earnings coverage to come.

Oracle Stock: Technical Ratings

Prior to earnings, Oracle gained 1.5% in Monday trading to close at 114.12. Shares have advanced 10% this year and are up 34% over the past 12 months. But Oracle stock slumped following its two earnings reports prior to Monday, leaving shares about 10% below a six-month high around 130 that it reached in September.

Meanwhile, IBD Stock Checkup shows that Oracle has a so-so Composite Rating of 69 out of a best-possible 99, heading into its earnings report. The rating means Oracle stock currently outperforms 69% of all stocks based on fundamental and technical stock-picking criteria.

In addition, shares have a Relative Strength Rating of just 50 out of 99. The RS score measures how a stock’s price performance over the last 52 weeks holds up against other stocks in IBD’s database.

Oracle shares have formed a consolidation pattern over the past 38 weeks, according to IBD MarketSurge charts, which shows a 127.54 buy point for the pattern.

YOU MAY ALSO LIKE:

Oracle Earnings Watch: Can Database Giant Prove It’s An AI Winner?

Amazon Is The Cloud King. AI Could Change That.

IBD Live: Learn And Analyze Growth Stocks With The Pros

Get Timely Buy & Sell Alerts With IBD Leaderboard