Oracle stock suffers steepest drop since 2002 on weak revenue guidance

CNBC September 12, 2023
Ari Levy

Key Points

– Oracle shares plummeted 12% on Tuesday, their biggest drop in more than two decades.

– The software company reported disappointing revenue late Monday and issued weaker-than-expected guidance.

– CEO Safra Catz said the transition of Oracle’s Cerner business to the cloud is “resulting in some near-term headwinds” to the unit’s growth rate.

Oracle shares plummeted 12% on Tuesday, their steepest drop in over two decades, after the software maker reported disappointing revenue and issued weaker-than-expected guidance.

The last time the stock had a steeper percentage drop was a 15% decline in March 2002, at the tail end of the dot-com bust.

The plunge on Tuesday resulted in Oracle Chair Larry Ellison losing roughly $18 billion in wealth....

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