CNBC December 12, 2023
Key Points
– Oracles shares fell more than 10% at market open Tuesday.
– The company came in light on revenue for its most recent quarter, according to Oracle’s Monday earnings report.
– Analysts keyed in on the light revenue from the company’s cloud business.
Oracle shares fell more than 10% at market open Tuesday after the company missed estimates on revenue in its second quarter earnings report posted on Monday evening.
The software company posted adjusted earnings per share of $1.34, narrowly beating the LSEG (formerly Refinitiv) estimate of $1.32. Its revenue came in at $12.94 billion, missing the $13.05 billion projection.
Wall Street analysts pointed to Oracle’s cloud revenue shortfall in notes to investors.
“For the second straight...
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