Oracle Corporation (NYSE:ORCL) reported its latest quarterly earnings results after the bell Tuesday, which topped Wall Street’s expectations but shares still fell late in the day.
Oracle added that its revenue for the period amounted to $11.25 billion, marking a 3% increase compared to the company’s fourth quarter of its fiscal 2017. The figure was ahead of the Wall Street consensus estimate of $11.19 billion, according to a survey conducted by Thomson Reuters.
For the full fiscal year, sales were up by roughly 6%, marking the company’s fastest growth since 2011. Oracle did not reveal its new software license revenue for its fourth quarter or fiscal year.
The company has been following the trend of other large software companies by shifting its focus to cloud-based services. In its fourth quarter, the company said that its cloud services and license support revenue amounted to $6.8 billion, marking an 8% improvement compared to the year-ago quarter.
Revenue for its cloud services and license support and on-premises and cloud licenses totaled $9.25 billion, which is a slight beat over the $9.24 billion that analysts were calling for, per FactSet.
ORCL stock was down about 0.5% during regular trading hours Tuesday and fell a further 0.8% after the bell despite the company topping Wall Street’s expectations.