Oracle Corporation (NYSE: ORCL) announced fiscal 2023 Q2 results. Total quarterly revenues were up 18% year-over-year in USD and up 25% in constant currency to $12.3 billion. Cloud services and license support revenues were up 14% in USD and up 20% in constant currency to $8.6 billion. Cloud license and on-premise license revenues were up 16% in USD and up 23% in constant currency to $1.4 billion. For the second quarter of fiscal 2023, Cerner contributed $1.5 billion to total revenues.
Q2 GAAP operating income was $3.1 billion. Non-GAAP operating income was $5.1 billion, up 5% in USD and up 12% in constant currency. GAAP operating margin was 25%, and non-GAAP operating margin was 41%. GAAP net income was $1.7 billion, and non-GAAP net income was $3.3 billion. Q2 GAAP earnings per share was $0.63 while non-GAAP earnings per share was $1.21.
Short-term deferred revenues were $8.7 billion. Operating cash flow was $15.1 billion during the trailing twelve months.
The strengthening of the U.S. dollar compared to foreign currencies had a significant impact on results in the quarter. Without the impact of the U.S. dollar strengthening compared to foreign currencies, Oracle’s reported Q2 non-GAAP earnings per share would have been 9 cents higher.
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“In Q2, Oracle’s total revenue grew 25% in constant currency—exceeding the high end of our guidance by more than $200 million,” said Oracle CEO, Safra Catz. “That strong overall revenue growth was powered by our infrastructure and applications cloud businesses that grew 59% and 45% respectively, in constant currency. Fusion Cloud ERP grew 28% in constant currency, NetSuite Cloud ERP grew 29% in constant currency—each and every one of our strategic businesses delivered solid revenue growth in the quarter.”
“Since the acquisition, Cerner has contributed to Oracle’s growth—and Oracle has helped Cerner improve its technology,” said Oracle Chairman and CTO, Larry Ellison. “But we are just beginning our mission to modernize healthcare information systems. In the wake of the COVID pandemic, there is a worldwide sense of urgency to transform and improve national healthcare systems. Our goals are ambitious: fully automate clinical trials to shorten the time it takes to deliver lifesaving new drugs to patients, enable doctors to easily access better information leading to better patient outcomes, and provide public health professionals with an early warning system that locates and identifies new pathogens in time to prevent the next pandemic. The scale of this opportunity is unprecedented—and so is the responsibility that goes along with it.”