American multinational computer tech firm Oracle Corp. reported an operating loss in the second quarter of the fiscal year 2022 due mainly to a payment related to an employment dispute, the company reported in a statement.

  • Oracle recorded an operating loss of $824 million, bringing its loss per share to $0.46. This compares to the operating income of $3.4 billion and net income of $2.5 billion in the previous quarter.
  • Total quarterly revenues jumped 6% year-on-year to $10.4 billion, including $7.6 billion from cloud services and license support and $1.2 billion from cloud license and on-premise license revenues.
  • Oracle Chief Executive Officer Safra Catz said the company’s non-GAAP earnings per share for the quarter stood at $1.21, beating the guidance by $0.10. The growth was driven by the infrastructure and applications cloud businesses.
  • Catz said the firm now has 8,500 Fusion ERP customers with revenue up 25%, 28,400 NetSuite ERP customers with a 29% revenue growth, and an acceleration in the growth of its Gen2 infrastructure business.

The board has approved the share repurchase program by $10 billion and declared a quarterly cash dividend of $0.32 per share of outstanding common stock. ORCL is up 12.09%.