The software giant Oracle (NYSE: ORCL) announced fiscal fourth-quarter earnings after the market close on Tuesday. The $ORCL stock closed 5% lower on Wednesday as the company posted quarterly revenue below Wall Street estimates for its fourth quarter. Revenue from the cloud license and on-premise license unit dropped 22% to US$1.96 billion in the quarter.
Earnings per share (EPS): $1.20 vs. $1.15 expected
Revenue: $10.44 billion vs. $10.65 billion expected
“Oracle’s overall business did remarkably well considering the pandemic, but our results would have been even better except for customers in the hardest-hit industries that we serve, such as hospitality, retail and transportation, postponing some of their purchases,” CEO, Safra Catz, said. As the quarter progressed, we saw a drop-off in deals, especially in the industries most affected by the pandemic, “she added.
On Wednesday in the pre-market trading session, the $ORCL shares were trading lower by 3% and ended at $51.52 dropping $3.07 (-5.62%).