By Yasin Ebrahim
Investing.com - Oracle (NYSE:ORCL) on Tuesday reported mixed fourth-quarter results as earnings topped but revenue fell short of expectations amid sluggish growth in its core cloud services and license support business.
Oracle shares lost 4.19% in after-hours trade following the report.
Oracle announced earnings per share of $1.2 on revenue of $10.44B. Analysts polled by Investing.com anticipated EPS of $1.16 on revenue of $10.68B.
Oracle shares are up 3% from the beginning of the year but still down 9.62% from its 52-week high of $60.50 set on July 10, 2019. They are outperforming the S&P 500 which is down 3.26% year to date.
Cloud services and license support revenues were up just 1%, to $6.8 billion year-on-year.
"(O)ur 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," said Oracle CEO, Safra Catz.
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