Oracle shares fell in extended trading after the database software company issued disappointing quarterly results.
Oracle missed on the top and bottom lines for the latest quarter.shares slid 7% in extended trading on Monday after the database software company reported fiscal second-quarter results that fell short of analysts' estimates.Net income increased 26% to $3.15 billion, or $1.10 a share, from $2.5 billion, or 89 cents a share, a year earlier. Revenue in Oracle's cloud services business jumped 12% from a year earlier to $10.81 billion, accounting for 77% of total revenue.
The business is booming due to soaring demand for computing power that can handle artificial intelligence projects. Oracle said revenue in its cloud infrastructure unit soared 52% from a year earlier to $2.4 billion.From ‘Fortnite' to ‘Hogwarts Legacy': One university fuels Utah's $2 billion video game industry
"Oracle Cloud Infrastructure trains several of the world's most important generative AI models because we are faster and less expensive than other clouds," Oracle founderFeeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly As of Monday's close, the stock is up more than 80% this year, headed for its best annual performance since 1999.
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