Oracle Shares Drop After Q2 Sales Miss

Oracle Corporation ORCL shares were trading down in Thursday's after-hours session following a second-quarter sales miss. 

Adjusted earnings came in at 90 cents per share, beating estimates by 2 cents. Sales came in at $9.6 billion, missing estimates by $50 million.

"We had another strong quarter in our Fusion and NetSuite cloud applications businesses with Fusion ERP revenues growing 37% and NetSuite ERP revenues growing 29%," Oracle CEO Safra Catz said in a statement. 

"This consistent rapid growth in the now multibillion dollar ERP segment of our cloud applications business has enabled Oracle to deliver a double-digit EPS growth rate year-after-year. I fully expect we will do that again this year."

Oracle shares were down 1.63% at $55.55 at the time of publication. 

Oracle Executive Chairman Larry Ellison. Photo courtesy of Oracle. 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsAfter-Hours CenterSafra Catz
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!