No TikTok deal is no problem for red-hot software giant Oracle
|CTVnews 15 Jun 2021 at 14:58|
Larry Ellison delivers a keynote address during the Oracle OpenWorld on October 22, 2018 in San Francisco. Oracle s plan to buy the US assets of Chinese-owned TikTok in a partnership with Walmart is dead now that Donald Trump is out of the White House. (Justin Sullivan/Getty Images North America/Getty Images via CNN)
Who needs viral videos? Not Oracle, apparently.
Oracle s plan to buy the US assets of Chinese-owned TikTok in a partnership with Walmart is dead now that Donald Trump is out of the White House.
But investors don t seem concerned: They re still treating Oracle like it s a red-hot social media stock instead of a boring database software company.
Shares of Oracle are up more than 25% this year and almost 60% over the past 12 months. That s despite the fact that Oracle is still a relatively slow-growing tech firm compared to the more dynamic FAANGs and other big competitors such as Microsoft and Salesforce.
Oracle will report its latest quarterly results after the closing bell Tuesday, and the results should be decent, if not exactly spectacular. Analysts are forecasting a nearly 6% increase in sales from a year ago and a 9% rise in earnings per share.
ORACLE UP 40 PER CENT THIS YEAR
Still, Oracle s stock has outperformed nearly all its sexier Nasdaq rivals this year.