Oracle Stock Falls Again -- Is It a Top AI Stock Buy for 2024?
Software titan Oracle (NYSE: ORCL) let some of its newer shareholders down recently with a disappointing report from its cloud computing segment. Shares fell about 10% immediately following the recent earnings update. For Oracle shareholders who have been around a while, though, 2023 has been nothing to complain about. Despite the recent drop, the stock is still up 23% with just weeks to go until the new year, capping off a market-beating total return (including reinvested dividends) of 250% over the last decade.
Does this recent sell-off suggest it might be time to buy Oracle stock for 2024? Let's take a closer look and try to find an answer.
Oracle reported its financial results this week for the second quarter of fiscal 2024 (the three-month period that ended in November 2023), and it was another solid quarter. Total revenue increased 5% year over year to $12.9 billion, driven by cloud computing segment growth of 25% to $4.8 billion. Breaking the cloud segment down further revealed the following:
Source Fool.com
Oracle Corp. Stock
The stock is an absolute favorite of our community with 41 Buy predictions and no Sell predictions.
With a target price of 140 € there is a slightly positive potential of 8.54% for Oracle Corp. compared to the current price of 128.98 €.
