Shares of Redwood City-based Oracle – which closed at $41.16 on Wednesday – were up more than 8 percent in early trading Thursday, following the company’s announcement yesterday that its second fiscal-quarter sales rose 3 percent from a year ago, though its profit dropped 2 percent.
In notes to their clients, some analysts expressed disappointment over how many new software licenses the company reported. But many seemed upbeat about the technology giant’s future prospects, especially given its growing commitment to offer Internet-based services, also known as cloud services.
“Given the challenged IT results this earnings season, we view Oracle’s performance as a major victory for the company,” said Cantor Fitzgerald analysts.
Saying they expect Oracle’s stock to hit $50 next year, Canaccord Genuity added, “we believe investor opinion on Oracle’s stock, which in our conversations ranges from indifference to dislike, will change for the better.”
Photo by Patrick Tehan, Mercury News
