Earnings Results: Oracle stock drops more than 5% after slight revenue miss


Oracle Corp. shares fell in the extended session Thursday after the software company’s revenue came in a hair below the Wall Street consensus.

Oracle ORCL, -1.83% shares fell more than 5% after hours following a 1.8% decline in the regular session to close at $86.87.

For the fiscal third quarter, Oracle reported net income of $1.9 billion, or 68 cents a share, compared with $2.32 billion, or 84 cents a share, a year ago.

Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.22 a share, compared with $1.13 a share in the year-ago period.

Revenue rose to $12.4 billion from $10.51 billion in the year-ago quarter.

Analysts had estimated earnings of $1.20 a share and revenue of $12.43 billion for the third quarter.

Oracle shares are up 14% over the past 12 months, versus a 14% decline by the iShares Expanded Tech-Software Sector ETF  IGV, -2.26%,  while the S&P 500 index  SPX, -1.85% has dropped 8% and the tech-heavy Nasdaq Composite Index  COMP, -2.05% has fallen 14%.

This article was originally published by Marketwatch.com. Read the original article here.

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