Oracle Falls Most in 3 Months as Cloud Sales Drag on Turnaround
- Total cloud revenue rose 44%; new software licenses held firm
- Forecast also misses projections with slower cloud growth
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Oracle Corp. fell the most in three months after reporting cloud-computing sales that missed some analysts’ estimates, a setback in the company’s effort to remake itself around internet-based products.
Cloud revenue in the period ended Nov. 30 gained 44 percent to $1.52 billion, Oracle said Thursday in a statement. John DiFucci, an analyst at Jefferies, was among those who projected stronger growth in Oracle’s cloud sales, with his estimate of $1.55 billion. The company also gave a disappointing forecast for profit and cloud growth in the current period. Shares fell as much as 6.4 percent to $47 in New York Friday, the biggest intraday drop since Sept. 15.