Oracle Shares Hit Resistance Ahead of Earnings Release

The price of Oracle has bounced from resistance, with earnings ahead on Tuesday. 

ORCL – Daily Chart

ORCL – Daily Chart 

ORCL shares found resistance at $126.65 and traded at $124.25. The previous earnings release led to a slump in the share price, which found support at the $114.58 level. 

Analysts expect the Austin, Texas-based tech firm to report quarterly earnings at $1.65 per share. That would be down from $1.67 per share in the year-ago period. Oracle is forecast to post quarterly revenue of $14.59 billion, compared to $13.84 billion a year ago. 

The tech giant recently released plans to open two Oracle Cloud Regions in Morocco, offering enterprise cloud services to African organisations. 

Analysts will look for momentum in Oracle’s cloud infrastructure business after cloud revenue was up 25% year-over-year in its third quarter, with cloud infrastructure revenue up 49% for the same period.

“We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply — despite the fact we are opening new and expanding existing cloud data centres very, very rapidly,” said Oracle CEO Safra Catz after the last results. 

In the company’s earnings call, analysts may also look for an update on the reported collaboration between Oracle and xAI, Elon Musk’s AI startup. A report from The Information said that xAI was finalising a $10 billion contract with Oracle for cloud services. 

UBS analyst Karel Keirstead has a Buy rating on Oracle and recently increased the company’s price target from $130 to $150. Other analysts, including TD Cowen’s Derrick Wood, have similar price ratings, around $130 to $140.

Recent News
Start Trading Now !

Try our demo account for free to learn trading. When you’re ready, switch to a live account and start trading for real.

Popular posts
ATFX

Account Registration Unavailable

Please note that you may be accessing this page from outside South Africa. For retail and professional inquiries regarding AT Global Markets SA (Pty) Ltd, kindly reach out to us at [email protected]

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en/ to proceed.

ATFX

使用限制

本网站的产品及服务不适合英国居民。网站内部的信息和素材不应被视为分销,要约,买入或卖出任何投资产品。请继续访问 https://www.atfx.com/en-za/

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://atfxgm.eu/en/ to proceed.

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/ar/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en-au/ to proceed.

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en-za/ to proceed.
ATFX

Restrictions on Use

Products and Services on this website are not suitable for Hong Kong residents. Such information and materials should not be regarded as or constitute a distribution, an offer, solicitation to buy or sell any investments.

使用限制: 本網站的產品及服務不適合香港居民使用。網站內部的信息和素材不應被視為分銷,要約,買入或賣出任何投資產品。

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit www.atfxconnect.com to proceed.