Oracle: posts weaker-than-expected results; shares drop
(CercleFinance.com) - Corporate software publisher Oracle posted weaker than expected results late on Monday, sending its shares down today on the New York Stock Exchange.
For Q3, Oracle said overall revenue rose 3% to 9.8 billion dollars. Net income rose 21% to 3.5 billion dollars, while EPS rose by 20% to 0.83 dollar.
Oracle shares fell by over 9% after these figures were released.
"We believe there are two reasons the stock was down," analysts at Jefferies commented.
"The results were not as impressive as others', and guidance implies further moderation of new business growth, in addition to being below the Street," the broker said.
For Q4, Oracle said it expected cloud revenue to grow by between 19% and 23%, slightly below the consensus estimate, which is looking for a 23% increase.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
For Q3, Oracle said overall revenue rose 3% to 9.8 billion dollars. Net income rose 21% to 3.5 billion dollars, while EPS rose by 20% to 0.83 dollar.
Oracle shares fell by over 9% after these figures were released.
"We believe there are two reasons the stock was down," analysts at Jefferies commented.
"The results were not as impressive as others', and guidance implies further moderation of new business growth, in addition to being below the Street," the broker said.
For Q4, Oracle said it expected cloud revenue to grow by between 19% and 23%, slightly below the consensus estimate, which is looking for a 23% increase.
Copyright (c) 2018 CercleFinance.com. All rights reserved.