Oracle Corporation (ORCL), a global database and software company yesterday reported their fiscal fourth quarter 2017 financial results. ORCL reported fourth quarter profit of $3.23 billion.

ORCL reported fourth quarter adjusted earnings of $0.89 per share which beat analyst expectations of $0.78 per share. The company reported fourth quarter adjusted revenues of $10.94 billion which beat analyst expectations of $10.46 billion.

Oracle Corporation CEO’s  Comments

“Our fourth quarter results were very strong as revenue growth and earnings per share both substantially exceeded the high end of guidance,” said Oracle CEO, Safra Catz. “We continue to experience rapid adoption of the Oracle Cloud led by the 75% growth in our SaaS business in Q4.   This cloud hyper-growth is expanding our operating margins, and we expect earnings per share growth to accelerate in fiscal 2018.”

“We sold $855 million of new annually recurring cloud revenue (ARR) in Q4, putting us over our $2 billion ARR bookings goal for fiscal year 2017,” said Oracle CEO, Mark Hurd. “We also delivered over $1 billion in quarterly SaaS revenue for the first time. Next year is going to be even better. We expect to sell a lot more than $2 billion in new cloud ARR in fiscal year 2018.”  PR Newswire

ORCL Technical Analysis

(Click on image to enlarge)

ORCL opened trading yesterday at $46.15 which was up from the previous day’s trading close of $45.84. ORCL closed trading yesterday at $46.33 and spiked up after market to $51.13, equivalent to a 10% increase from the closing price. Taking a look at the daily chart we can see that ORCL is now in unchartered territory as with the gap up it’s trading at all time highs.

Taking a closer look at the daily chart we can see that before the spike up ORCL had already been in an overall upward trend dating back to December 30th, 2016 when it traded at $38.14. ORCL has a float of 2.99 billion shares and traded 2.76 times the normal daily trading volume on Wednesday.