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Oracle Sales Miss Estimates as Hardware Sales Decline

Oracle Corp. reported fiscal first-quarter revenue that missed analysts’ estimates as sales of computer hardware fell for a sixth straight period, curbing growth as it navigates a shift to cloud-computing services.

Sales for the quarter that ended Aug. 31 declined 2.3 percent to $8.18 billion, the Redwood City, California-based software maker said yesterday in a statement. That missed $8.42 billion, the average of estimates compiled by Bloomberg. Profit excluding some items was 53 cents a share, matching projections.