Oracle (ORCL) shares moved up about 3% after beating Wall Street quarterly estimates on the top and bottom line.
The database software giant reported fiscal second-quarter revenue of $12.28 billion, an 18% year over year increase when measured in US dollars. The company’s cloud unit was the standout, with $3.8 billion revenue for the quarter.
The company’s adjusted earnings of $1.21 per share beat estimates of $1.18. Oracle said were it not for the strong US dollar, its adjusted EPS would’ve been 9 cents higher.
Oracle highlighted its recent acquisition of healthcare IT firm Cerner. “Since the acquisition, Cerner has contributed to Oracle’s growth—and Oracle has helped Cerner improve its technology,” Oracle’s chairman and CTO, Larry Ellison said in the company’s press release.
The stock was falling further after losing more than 6% during Monday’s trading session. Shares closed at their lowest level since November 2020. The EV giant’s stock was the biggest laggard on the Nasdaq (^IXIC) and S&P (^GSPC) during the session.
Most recently the stock is under pressure after news that it’s cutting production in its Shanghai plant. Investors are concerned about sluggish demand. Some Wall Street analysts have voiced concern about CEO Elon Musk’s recent acquisition of social media firm Twitter, over fear that it may be a distraction. Year to date, Tesla is down about 52%.
Shares of First Solar moved higher on news that the company is set to enter the S&P 500. The solar panel manufacturer replaces Fortune Brands (FBHS), which will move to the S&P 400.
First Solar’s stock is up almost 70% year to date as green energy equities benefited from the Inflation Reduction Act earlier this year. First Solar’s market cap currently hovers above $16 billion.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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