Oracle Tumbles After Earnings Miss

Software license revenues dipped, while hardware sales plunged


Oracle Tumbles After Earnings Miss

larry ellison oracle 630 300x200 Oracle Tumbles After Earnings MissShares of Oracle (NASDAQ:ORCL) dropped more than 8% in Thursday morning trading after the company’s quarterly results fell short of Wall Street expectations.

The software giant announced adjusted third-quarter EPS of 65 cents a shares. That missed the 66 cents a share analysts had expected. Sales disappointed as well, with Oracle posted $8.97 billion for the quarter, well below the $9.37 billion that Wall Street had predicted, Bloomberg noted.

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Revenue from software licenses and subscriptions dipped to $2.33 billion, down 1.8% from last year. That also surprised analysts, who were looking for $2.55 billion. Sales of data storage systems and serves tumbled 23% from last year, down to $671 million. Analysts had projected hardware sales of $783 million.

Oracle competes with both smaller software rivals like (NYSE:CRM) and larger software giants, including Microsoft (NASDAQ:MSFT) and SAP (NYSE:SAP).

Last month, Oracle’s billionaire CEO Larry Ellison purchased an small Hawaiian airline to go with the lush tropical island he acquired last year.

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