Oracle Reports Mixed Quarterly Results 💰
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Here’s whats happening:
- Oracle reports mixed quarterly results
- Twitter shareholders give green signal to Elon Musk’s acquisition deal
- SWIFT partners with Symbiont to pilot a blockchain project
- Hone secures cash to democratize executive-quality training
- Vedanta and Taiwan’s Foxconn to set up semiconductor plant in India
Oracle Reports Mixed Quarterly Results 💰
Database software giant Oracle reported revenue that met expectations. However, the company’s earnings and quarterly guidance fell short of analysts’ estimates.
Here’s how Oracle did:
- Q1 Earnings: $1.03 per share, adjusted, vs. $1.07 per share as expected by analysts
- Q1 Revenue: $11.45 billion vs. $11.45 billion as expected by analysts
- The company’s revenue grew 18% in the quarter from a year earlier, thanks to the financial contribution from recently acquired software maker Cerner.
Other Key Numbers:
- The company’s cloud services and license-support category generated $8.42 billion in revenue, up by 14%.
- Oracle’s quarterly revenue from cloud infrastructure jumped 52% to $900 million.
What does this mean?
Oracle has been a market leader in the database and software segment for years, so investors must be thinking if the company’s push in the cloud space would benefit the company.
Currently, the signs look good as Oracle’s cloud segment posted increased revenue figures.
Moreover, the acquisition of Cerner will help Oracle expand its cloud business in the health system market.
Twitter Shareholders Give Green Signal 🟢 to Elon Musk’s Acquisition Deal
On September 13, Twitter shareholders approved the $44 billion acquisition deal, which was inked by the micro-blogging platform with the world’s richest person Elon Musk.
A majority of shareholders voted in favor of Musk’s acquisition offer of $54.20 per share, which he had made in April this year.
In July, the deal was terminated, citing “inaccurate representation” of spam accounts on the platform.
Why does this matter?
Twitter has sued Musk for terminating the agreement, while Musk countersued, accusing Twitter of misrepresenting the number of false and spam accounts on its platform.
The approval from Twitter’s shareholders comes a month before the trial next month over whether the $44 billion deal should be completed.
The nod from shareholders means that Twitter and Musk will proceed to a trial in the Delaware Court of Chancery, which is scheduled to begin on October 17.
Musk is set to argue that Twitter concealed important facts about its internal operations.
SWIFT Partners Symbiont to Pilot a Blockchain Project 🤝
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has teamed up with US-fintech Symbiont to pilot a blockchain project.
What should you know about the project?
The blockchain project intends to automate corporate action workflow using Symbiont’s Assembly technology platform.
By using the platform’s blockchain capabilities and smart contracts, SWIFT will gain the ability to improve the networking of more than 11,000 institutions connected to the financial institution at a global level.
This means that the corporate action data from SWIFT messages will be translated by SWIFT’s translator tool and uploaded to Symbiont’s blockchain.
Statement from SWIFT:
“By bringing Symbiont’s Assembly and smart contracts together with SWIFT’s extensive network, we’re able to automatically harmonize data from multiple sources of a corporate action event,” said Tom Zschach, chief innovation officer at SWIFT.
Currently, the pilot will be tested with a select group of participants and based on their feedback. SWIFT will later assess whether to expand it to a wider community.
Hone Secures Cash to Democratize Executive-Quality Training 💸
Hone, the leading people skills training platform for the enterprise has raised $30 million in its Series B funding round.
The funding was led by 3L Capital, along with participation from Invus Opportunities.
Existing investors F-Prime Capital, Slack Fund, Cowboy Ventures, NextGen Venture Partners, Semper Virens, and Swift Ventures also participated in the round.
What will Hone do with the capital?
Hone will use the fresh funds to provide a more effective learning experience, help learners implement their training on a day-to-day basis, and empower administrators with more powerful and flexible tooling.
The company also plans to expand its course catalog by expanding core programming across its five content verticals, including Management, DEIB, Team Dynamics, Personal Performance, and Wellness.
Founded in 2108, Hone is the leader in deploying live learning at scale to power behavior change, human connection, and continuous development for people everywhere.
The US-based company is revolutionizing workplace culture through its innovative approach to human skills development.
Vedanta and Taiwan’s Foxconn to set up semiconductor plant 🏭 in India 🇮🇳
Mining conglomerate Vedanta and Taiwanese electronics manufacturing firm Foxconn signed an agreement with the Indian state of Gujarat to set up a $20 billion semiconductor project.
The 60:40 joint venture of Vedanta-Foxconn obtained subsidies, including capital expenditure and electricity from Gujarat.
They plan to build chip and display facilities near Ahmedabad, Gujarat.
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