Oracle misses expectations, shares fall after the bell

Diane Alter – AHN News Reporter

NYC, NY, United States (AHN) – Wall Street oracles did not see this coming.

After the closing bell on Tuesday, shares of Oracle fell after the software maker reported quarterly earnings and revenue that missed Wall Street’s expectations.

Revenue was $8.8 billion, a scant 2 percent increase from $8.65 billion in the same period a year earlier. Analysts were looking for Oracle to post earnings of 57 cents per share on revenue of $9.23 billion.

When the company reported earnings three month earlier, it had forecast that new software sales would rise between 6 and 16 percent.

The company also disappointed after revealing that hardware product sales fell 14 percent to $953 million. It had predicted that they would be flat to down 5 percent.

In after hours trading, shares of Oracle were down more than 10 percent at $26.21.

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