Oracle Corporation (NYSE:ORCL) reported its Q1 results, with EPS of $1.03 coming in worse than the Street estimate of $1.08. Revenue was $11.4 billion, compared to the Street estimate of $11.33 billion.
The strength was led by organic Cloud acceleration to 29% year-over-year (vs. 25-28% guidance) from 22% last quarter, driven by both OCI and SaaS acceleration.
Newly acquired Cerner delivered its best performance in Q1 history under the Oracle umbrella.
According to the analysts at Deutsche Bank, their greatest takeaway from results is the company specific strength Oracle is seeing, seemingly less correlated with the macro environment for now, and in line with what they have been saying about its resilience.
