Oracle Falls After Failing to Meet Optimistic Cloud Expectations
- Cerner digital health records unit generates $1.5 billion
- Growth in applications business similar to previous period
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Oracle Corp. reported quarterly sales in line with analysts’ estimates after its cloud business failed to meet expectations for higher growth. The shares declined in extended trading.
Fiscal third-quarter revenue increased 18% to $12.4 billion, just short of analysts’ average estimate of $12.41 billion, according to data compiled by Bloomberg. Profit, excluding some items, was $1.22 a share. Analysts, on average, projected $1.20 a share.