Oracle Financial Services shares hit 52-week high after parent company's strong earnings

Oracle Financials' shares have gained a whopping 130 percent in six months

Shares of Oracle Financial Services Software Ltd rose as much as 10 percent and hit a 52-week high of Rs 9,617.10 after its parent company Oracle Corp reported strong earnings overnight in the US.

The stock has gained a whopping 130 percent in six months, outperforming the Nifty 50 by a huge margin which gained 12 percent in the same period.

Oracle Corp reported better-than-expected bookings and announced partnership deals with its tech rivals. Oracle Corp's stock rose nearly 13 percent on June 12.

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Oracle's total remaining performing obligations increased by 44 percent during the quarter to $98 billion for the quarter that ended on May 31, surpassing the average estimate of $73.9 billion.

Revenue from Oracle's cloud unit increased by 42 percent from last year to $2 billion. Total revenue increased by 3.3 percent to $14.3 billion.

Since 2014, Oracle Financial has declared dividends worth Rs 2,100 per share for its shareholders.

Oracle's recent successes have been bolstered by its health unit, which includes Cerner, an electronic health records business acquired for $28 billion in June 2022. Despite challenges such as customer attrition and renegotiation of major contracts, Oracle remains focused on transitioning its legacy software business to the cloud, ensuring continued growth and profitability.

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