甲骨文(ORCL.US) 将于美东时间 12 月 10 日(周三)收盘后公布 2026 财年第二季度财报。根据伦敦证券交易所集团(LSEG)的数据，分析师平均预期第二季度 营收为 162.2 亿美元，同比增长 15.4%，非 GAAP 每股收益为 1.64 美元，同比增长 11.6%。 | Quarter | Revenue Surprise | | --- | --- | | Q2 FY24 | -0.38% | | Q3 FY24 | -0.18% | | Q4 FY24 | -1.82% | | Q1 FY25 | 0.57% | | Q2 FY25 | -0.38% | | Q3 FY25 | -1.81% | | Q4 FY25 | 2.02% | | Q1 FY26 | -0.75% | | Average Surprise | -0.34% | 图1 然而，从历史记录来看，甲骨文在过去八个季度中仅两次实现营收超预期，平均而言比市场预期低 0.34%;每股收益方面表现稍好，胜率约为一半，但由于 超预期的幅度显著大于未达预期的幅度，整体平均仍实现 1.02% 的正向惊喜。 | Quarter | E ...

智通财经APP获悉，甲骨文(ORCL.US) 将于美东时间 12 月 10 日(周三)收盘后公布 2026 财年第二季度 财报。根据伦敦证券交易所集团(LSEG)的数据，分析师平均预期第二季度营收为 162.2 亿美元，同比增 长 15.4%，非 GAAP 每股收益为 1.64 美元，同比增长 11.6%。 | Quarter | Revenue Surprise | | --- | --- | | Q2 FY24 | -0.38% | | Q3 FY24 | -0.18% | | Q4 FY24 | -1.82% | | Q1 FY25 | 0.57% | | Q2 FY25 | -0.38% | | Q3 FY25 | -1.81% | | Q4 FY25 | 2.02% | | Q1 FY26 | -0.75% | | Average Surprise | -0.34% | 值得一提的是，甲骨文股价近期表现疲软，回吐了约三个月前发布乐观指引后的涨幅，股价自9月创下 历史高点以来下跌逾35%，主因是财报亮出"天量订单"后，投资者对其偿债能力与资金缺口的忧虑迅速 升温。本文将系统梳理投资者在本次季报解读过程 ...

Market Overview - On September 10, U.S. stock indices closed mixed, with the Dow Jones down 220.42 points (0.48%) at 45490.92, while the Nasdaq rose 6.57 points (0.03%) to 21886.06, and the S&P 500 increased by 19.43 points (0.30%) to 6532.04 [1][2] Oracle's Performance - Oracle's stock surged by 36% following the release of its earnings report, driven by a remarkable 1529% increase in multi-cloud database revenue from Amazon, Google, and Microsoft, primarily due to AI server demand [2][8] - Despite Oracle's latest earnings not meeting expectations, the optimistic outlook for its cloud business has excited investors, with CEO Safra Catz highlighting significant contracts signed worth billions [8] Semiconductor Sector - The Philadelphia Semiconductor Index rose by 2.38%, with notable gains in major AI chip companies: Broadcom up 9.77%, ARM over 9%, and Nvidia over 3% [2][8] Producer Price Index (PPI) - The PPI unexpectedly decreased by 0.1% in August, contrasting with a previous increase of 0.7%, leading to market expectations of potential interest rate cuts by the Federal Reserve [3][4] - Year-over-year, the final demand PPI rose by 2.6%, while the core PPI (excluding food and energy) also showed a decline of 0.1% month-over-month [3][4] Federal Reserve Expectations - Following the PPI data, traders anticipate that the Federal Reserve may initiate a series of interest rate cuts, starting with a 25 basis point reduction in the upcoming meeting [4] Wholesale Inventory Data - U.S. wholesale inventories increased from $906.96 billion to $908.06 billion in July, with wholesale sales rising by 1.4% [5][6]

Core Viewpoint - The U.S. stock market showed mixed results with the Dow Jones falling while the Nasdaq and S&P 500 reached new highs, driven by Oracle's impressive earnings forecast and unexpected decline in producer prices, leading to market expectations of potential interest rate cuts by the Federal Reserve [1][8][9]. Market Performance - The Dow Jones closed down 220.42 points, a decrease of 0.48%, at 45490.92 points; the Nasdaq rose by 6.57 points, an increase of 0.03%, closing at 21886.06 points; the S&P 500 gained 19.43 points, up 0.30%, ending at 6532.04 points [2]. - The S&P 500 and Nasdaq reached intraday highs of 6555.97 points and 22000.97 points, respectively [3]. Company Highlights - Oracle's stock surged by 36% following its earnings report, which highlighted a staggering 1529% increase in multi-cloud database revenue from Amazon, Google, and Microsoft, primarily driven by AI server demand [3][13]. - Other major tech stocks also saw significant gains, with the Philadelphia Semiconductor Index rising by 2.38%, and notable increases in stocks like Broadcom (up 9.77%), ARM (up over 9%), and Nvidia (up over 3%) [4][15]. Economic Indicators - The Producer Price Index (PPI) unexpectedly declined by 0.1% in August, contrasting with a previous increase of 0.7%, while the year-over-year PPI rose by 2.6% [5][6]. - The core PPI, excluding food and energy, also fell by 0.1% month-over-month, with a year-over-year increase of 2.8% [7]. - This PPI data alleviated market concerns regarding inflation pressures hindering the Federal Reserve's ability to implement easing policies, leading traders to anticipate a series of interest rate cuts starting next week [9][10].

Core Viewpoint - Oracle's cloud business is experiencing significant growth, with multiple large cloud service agreements signed, including one expected to generate over $30 billion in annual revenue starting from fiscal year 2028, leading to a surge in stock price to historical highs [1] Group 1: Cloud Business Performance - Oracle's multi-cloud database revenue continues to grow at over 100% year-on-year, indicating strong market demand [1] - The company reported a strong start to fiscal year 2026, with expectations that the new agreements will not impact the fiscal year 2026 performance guidance [1] Group 2: Analyst Upgrades - Stifel analysts upgraded Oracle's rating from hold to buy and raised the target price from $180 to $250, an increase of nearly 39% [4] - The report highlights sustainable cloud business growth and operational cost management as key drivers for accelerated earnings growth in fiscal year 2027 and beyond [4] Group 3: AI and Market Position - Oracle has become a preferred third-party cloud service provider for leading AI model companies, with four out of five major AI language model manufacturers utilizing its data centers [5] - The company's cloud infrastructure has emerged as a rapid growth alternative to industry giants like Amazon, Microsoft, and Alphabet, contributing to a 60% stock price increase last year, the best performance since 1999 [5] Group 4: Financial Performance - Following a strong fourth-quarter earnings report, Oracle's stock price surpassed the record high set in December of the previous year [6] - The company's core cloud applications, particularly Fusion ERP and NetSuite, have shown significant acceleration in growth, driven by enterprises migrating to the cloud to leverage AI capabilities [8]

Core Viewpoint - Oracle's Q4 earnings exceeded expectations, with a strong outlook for cloud infrastructure revenue growth in FY2026, despite a slight miss in cloud infrastructure performance [2][8]. Financial Highlights - Q4 revenue reached $15.9 billion, a year-over-year increase of 11%, surpassing analyst expectations of $15.59 billion [3]. - Q4 operating profit was $7.04 billion, exceeding the forecast of $6.85 billion [4]. - Q4 operating margin stood at 44%, in line with analyst expectations [5]. - Adjusted EPS for Q4 was $1.70, above the anticipated $1.64 [6]. Cloud Business Performance - Q4 cloud infrastructure revenue (IaaS) was $3 billion, a significant year-over-year increase of 52%, slightly below the expected $3.07 billion [7]. - Overall cloud revenue (IaaS plus SaaS) grew by 27% year-over-year, reaching $6.7 billion, accounting for 42% of total revenue [7]. - CEO Safra Catz projected that cloud infrastructure revenue will grow over 70% in FY2026, compared to a 52% increase in the current quarter [7][9]. Future Outlook - The company anticipates FY2026 revenue to exceed $67 billion, surpassing analyst expectations of $65.18 billion [7]. - For Q1 FY2026, adjusted EPS is expected to be between $1.46 and $1.50, with revenue growth projected at 12% to 14% [7]. - The "Remaining Performance Obligations" (RPO) increased by 41% year-over-year to $138 billion, indicating strong future revenue visibility [8][9]. Strategic Initiatives - Oracle is focusing on becoming a leading provider of cloud computing services, particularly targeting clients in artificial intelligence [8]. - The company has formed a joint venture with OpenAI named "Stargate" to provide large-scale computing capabilities [8]. - Recent partnerships include collaborations with Cleveland Clinic and G42 for AI platforms in healthcare, and a commitment with IBM for cloud computing and consulting services [10]. Capital Expenditure - Capital expenditures surged to over $21 billion in FY2025, with expectations to exceed $25 billion in the new fiscal year [10].