Revenues for the reported quarter up by 3% year-over-year to $10bn


Oracle reported $10bn revenues for the third quarter of fiscal 2021. (Credit: Gregory Varnum/Wikimedia Commons)

Oracle has reported a net income of $5.02bn for the third quarter of fiscal 2021 (Q3FY21), a 95% increase compared to $2.57bn for the same quarter of fiscal 2020.

The diluted earnings per share for Q3FY21 for the company were $1.68 compared to $0.79 in Q3FY20.

The US-based database management company said that the GAAP income statement was affected by a one-time net tax benefit of $2.3bn pertaining to the transfer of some assets between subsidiaries.

Oracle has reported revenues of $10.08bn for the quarter ended 28 February 2021, a 3% increase compared to $9.79bn for the same period in Q3FY20.

Its cloud services and license support revenues made up 72% of the total revenues, at $7.25bn. This marked an increase of 3% year-over-year.

Revenues from the cloud license and on-premise license segment fetched the company $1.27bn in Q3FY21, a 4% growth year-over-year.

Oracle’s hardware business had a 4% drop year-over-year in its Q3FY21 revenues at $820m. On the other hand, its services business contributed $737m revenues in the quarter, which is a 5% decrease year-over-year.

The company’s operating expenses remained nearly flat year-over-over for Q3FY21 at $6.2bn.

Oracle CEO Safra Catz said: “We continued to extend our huge lead in the cloud ERP market as Fusion ERP grew 30% and NetSuite ERP grew 24% in Q3.

“Oracle’s rapidly growing highly-profitable, multi-billion-dollar cloud ERP businesses helped drive subscription revenue up 5% and operating income up 10% in the quarter.

“Subscription revenue now accounts for 72% of Oracle’s total revenues, and this highly-predictable recurring revenue-stream along with expense discipline are enabling double-digit increases in non-GAAP earnings per share.”

Oracle’s board has declared a quarterly cash dividend of $0.32 per share, which is a 33% jump over the present quarterly dividend of $0.24.

Last month, the company launched the Oracle Construction Intelligence Cloud Service, which is a new suite of artificial intelligence (AI) and analytics applications.

The new AI suite has been designed to help in making informed project decisions in the engineering and construction industry.