After Oracle (ORCL) reported Wednesday that its second-quarter earnings were way better than expected, other enterprise tech companies are seeing a surge in stock value as well.
The results helped on Thursday to give a share boost to a number of major tech companies. Those include Hopkinton, Mass.-based EMC (up 3.78 percent as of mid-afternoon Thursday) and Boston’s Brocade Communications Systems (BRCD) (+4.09 percent). As for others that were up: Microsoft (MSFT) +3.22 percent, Cisco (CSCO) +2.28 percent, VMware (VMW) +5.39 percent and IBM +2.9 percent.
Total software/cloud revenue for Oracle increased 5 percent to reach $7.3 billion, while hardware system revenue rose 1 percent to $1.3 billion. Meanwhile, SaaS, PaaS and IaaS revenue grew 45 percent altogether to $516 million - slightly above the estimate. Oracle shares were priced at $44.99 (up 9.29 percent) as of mid-afternoon on Thursday. Founder and chairman Larry Ellison said that “as our competitors’ cloud businesses get bigger, they’re growth rates are going down," according to Barron's.
Oracle Chairman and founder Larry Ellison said in a statement that the company expects new cloud bookings to exceed $250 million by the fourth quarter of this fiscal year. In the meantime, it looks like tech stocks are finally bouncing back after a tough few weeks.
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