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Oracle’s Stock Falls 10% On Mixed Earnings And Weak Guidance

Shares of Oracle (ORCL) are down 10% after the software company issued mixed financial results and provided forward guidance that was weaker than analysts had expected.

The Austin, Texas-based company announced earnings per share (EPS) of $1.19 U.S. compared to $1.15 U.S. that had been forecast on Wall Street.

Revenue in the quarter totaled $12.45 billion U.S. versus $12.47 billion U.S. that was expected by analysts who cover the company, according to Refinitiv data.

Looking ahead, Oracle said that it expects $1.30 U.S. to $1.34 U.S. per share and 5% to 7% revenue growth in the current third quarter of the year.

Analysts had penciled in $1.33 U.S. in EPS and $13.28 billion U.S. in revenue, which implies 8% revenue growth.

Oracle’s revenue grew 9% year-over-year in the company’s fiscal first quarter that ended on August 31.

The technology giant said its latest earnings were harmed as it tries to integrate Cerner, the electronic health records software company that it acquired in June 2022 for $28.2 billion U.S.

Oracle’s cloud services and license support segment produced $9.55 billion U.S. in revenue during the latest quarter, up 13% from a year earlier.

Revenue from the company’s cloud infrastructure business unit totaled $1.5 billion U.S. in the quarter, a 66% increase from a year ago but slower than the 76% growth achieved in the previous quarter.

Additionally, hardware revenue declined by 6% to $714 million U.S. in the latest quarter.

Excluding the latest decline, Oracle’s stock had risen 64% over the past 12 months to trade at $126.71 U.S. per share.