Oracle Corp. (NYSE:ORCL) shares surged Wednesday after the software giant reported better-than-expected third-quarter results and issued upbeat revenue guidance, while also unveiling a new clinical AI tool designed to streamline hospital documentation.
Earnings Snapshot
On Tuesday, Oracle posted third-quarter revenue of $17.19 billion, beating analyst estimates of $16.91 billion, according to Benzinga Pro. Adjusted earnings grew 21% year-over-year to $1.79 per share, beating analyst estimates of $1.71 per share.
Oracle expects fourth-quarter revenue to grow 18% to 20% on a year-over-year basis, roughly in line with estimates. It sees adjusted earnings per share of $1.96 and $2.00 in the fourth quarter, versus estimates of $1.95.
Several analysts made several updates to their ratings and price targets.
Oracle Expands Clinical AI Agent To Emergency, Inpatient Settings
Separately, the company said on Wednesday its Oracle Health Clinical AI Agent for automated note generation is now available in U.S. emergency departments and inpatient settings.
The tool automatically drafts clinical notes by capturing real-time patient interactions and pulling data …