Oracle shares sink nearly 5% after third-quarter revenue miss

Oracle shares dropped astir 5% aft the endeavor tech elephantine reported its fiscal results for its 2023 fiscal 3rd quarter.

Here's however the institution did:

• Earnings: $1.22 per share, adjusted, vs. $1.20 per stock arsenic expected by analysts, according to Refinitiv.
• Revenue: $12.40 cardinal vs. $12.42 cardinal arsenic expected by analysts, according to Refinitiv.

Oracle's wide income jumped 18% year-over-year during its latest quarter.

It's operating income was $3.3 cardinal during the quarter, marking an 18% diminution from the $2.3 cardinal it recorded the erstwhile twelvemonth during the 3rd quarter.

Oracle's full operating expenses jumped 37% year-over-year to $9.2 billion.

"Oracle's non-GAAP net per stock maturation deed the precocious extremity of our guidance—up 13% successful changeless currency to $1.22," Oracle CEO Safra Catz said successful a statement. "Our beardown quarterly net maturation was driven by 48% changeless currency maturation for the full gross of our 2 unreality businesses, infrastructure and applications."

Watch: Oracle misses connected apical line