Why Oracle Stock Is Soaring Today

(NYSE: ORCL) stock is surging in Wednesday's trading. The company's share price was up 12.1% as of 1:45 p.m. ET, according to data from S&P Global Market Intelligence.

After the market closed yesterday, Oracle reported results for the fourth quarter of its last fiscal year -- a period that ended May 31. Both sales and earnings for the period came in below Wall Street's expectations, but the company's forward guidance provided reasons to be upbeat. In addition to strong sales and bookings outlooks, the company also announced new artificial intelligence (AI) partnerships with Alphabet and OpenAI.

For fiscal Q4, Oracle reported non-GAAP (adjusted) earnings per share of $1.63 on sales on $14.92 billion. Meanwhile, the average analyst estimate had called for the enterprise software company to post per-share earnings of $1.65 on sales of $14.57 billion. Revenue for the period was up roughly 3.3% year over year, while adjusted earnings per share were down roughly 2.4% from the $1.67 in profits it posted in last year's quarter.

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Source Fool.com