Shares 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.
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 Salesforce.com (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.