Oracle quarterly results miss estimates
The company’s stocks fell over 5% after the bell following a dismal quarterly report
Stocks impacted: Oracle Corp. (ORCL)
The database giant reported fiscal fourth-quarter revenue that missed analysts’ targets, as the coronavirus crisis led clients to postpone purchases. The company recorded quarterly sales of $6.85 billion in the unit that includes Oracle Cloud, missing estimates of $6.98 billion. Revenue from the cloud license and on-premise license unit dropped about 22% to $1.96 billion in the quarter. Its fiscal fourth-quarter net income arrived at $3.11 billion, or 99 cents a share, compared with $1.07 a share in the year-ago period. Of note, the firm did not publish a numerical target for fiscal year 2020-21. Oracle stocks finished 2.52% lower overnight and extended losses after the closing bell.
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