Oracle Corporation (ORCL) will announce its first quarter fiscal year 2024 results on Monday, September 11th, after the close of the market. (1)
The technology company is expected to show a profit of $1.14 per share (EPS) compared to $1.03 for the same quarter a year ago. Revenue is also projected to grow year over year, rising to $12.46 billion for the quarter from $11.45 billion. (2)
Oracle Corporation offers products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Cerner healthcare, Oracle Advertising, and NetSuite applications suite, as well as Oracle Fusion Sales, Service, and Marketing.
The Software as a Service company’s stock has been range bound since its last earning announcement. The upper guardrail topped out at $127.50 and $112.50 on the bottom. Bulls recently took control, trending higher with a bullish MACD crossover.
A bullish earnings surprise with positive guidance from management, ORCL shares could bust past $127.50 and set an all-time high. As the saying goes, new highs are usually followed by newer, higher highs. If earnings disappoint and guidance is blah, then support at the 50-day average of $116.77 might be the first stopping point and then the bottom of the range at $112.50. Anything below that would likely spell trouble for ORCL shares.
Trading earnings is hyper risky and only for the most aggressive investors who can afford to lose money in very short timeframes.
1 – https://investor.oracle.com/investor-news/news-details/2023/Oracle-Sets-the-Date-for-its-First-Quarter-Fiscal-Year-2024-Earnings-Announcement/default.aspx
2 – https://finance.yahoo.com/quote/ORCL/profile?p=ORCL