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Oracle Sales and Profit Miss Amid Cloud Competition

Oracle Corp. reported sales and profit that missed analysts’ estimates as corporate customers transitioning to Web-based programs bought less hardware and software. The shares fell the most since 2011.

Fiscal third-quarter profit excluding some items was 65 cents a share on adjusted sales of $8.97 billion, the company said in a statement yesterday. That compares with analysts’ average projection for profit of 66 cents on sales of $9.37 billion, according to data compiled by Bloomberg.