Oracle stock drops after earnings fall short of Wall Street’s forecast

Market Trading EssentialsMarch 10, 2022

1 minute read

Oracle Corp. shares fell in the extended session Thursday after the database-software company’s earnings missed Wall Street estimates.

Oracle ORCL, +0.72% shares fell as much as 8% after hours, following a 0.7% rise in the regular session to close at $76.65.

For the fiscal third quarter, Oracle reported net income of $2.32 billion, or 84 cents a share, compared with $5.02 billion, or $1.68 a share, a year ago.

Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.13 a share, compared with $1.16 a share in the year-ago period.

Revenue rose to $10.51 billion from $10.09 billion in the year-ago quarter.

Analysts surveyed by FactSet had estimated earnings of $1.18 a share — based on Oracle’s forecast of $1.14 to $1.18 a share — and revenue of $10.51 billion.

Oracle shares are up 6% over the past 12 months, versus a 5% decline by the iShares Expanded Tech-Software Sector ETF IGV, -1.52%, while the S&P 500 index SPX, -0.43% has gained 9% and the tech-heavy Nasdaq Composite Index COMP, -0.95% is virtually flat.

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Market Trading EssentialsMarch 10, 2022

1 minute read