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Oracle Q4 Broadly In Line; Outlook and Announced Partnerships Credit Positive

TECHNOLOGY

Rating: Baa2/BBB/BBB


  • Oracle Q4 revenue was +4% YoY and ~2% behind BBG consensus, while Op Income was broadly in line at broadly in line at +9% YoY. Remaining Performance Obligations very strong at +44% YoY. Equity rally comes on the announcement of cloud infrastructure partnerships with Google, OpenAI and Microsoft.
  • Q4 FCF was +68% YoY with OCF +18% YoY. No debt figures included.
  • Guides for double-digit revenue growth in 2025 with successively improving QoQ growth.
  • Outlook and announcements are credit positive with Oracle benefitting further from the recent AI craze; sole EUR bond exits the index month and is just ~1bp tighter this morning though further issuance down the line is a possibility.
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