Oracle rises after better-than-expected Q2 results

Shares of Oracle (ORCL) were on the rise after the company reported better-than-expected results for its fiscal second quarter. In addition, Oracle provided an earnings outlook for the third quarter that exceeds Wall Street expectations. EARNINGS: After the market close, Oracle reported Q2 adjusted earnings per share of 80c on revenue of $9.6B, compared to analysts' estimates of 78c and $9.52B, respectively. Cloud Services and License Support revenues for the quarter were $6.6B, while total Cloud Services and License Support plus Cloud License and On-Premise License revenues rose 1% in the quarter to $7.9B. Short-term deferred revenue in Q2 rose 3% year-over-year to $8.2B, the company added. Commenting on the results, Oracle CEO Safra Catz said that she is "confident" that the company will "continue to record strong EPS and free cash flow growth during the second half of this fiscal year." GUIDANCE: On its quarterly conference call, Oracle guided for Q3 adjusted EPS in constant currency in the range of 86c-88c on revenue growth of 2%-4%. Analysts expect the company to report Q3 EPS of 84c on revenue of $9.85B. The company noted on its call thatits Cloud apps business will "only strengthen from here" and said it expects second half revenue growth will be higher than in the first half. Oracle also guided for "double digit" EPS growth in fiscal 2019. PRICE ACTION: In after hours trading, Oracle shares are up 4.53% to $47.80.