Oracle misses Street 1Q forecasts
Sep. 15, 2016
REDWOOD CITY, Calif. (AP) — Oracle Corp. shares slipped in after-hours trading Thursday after the software company posted disappointing quarterly profit and revenue.
The Redwood City, California-based company said it earned a profit of $1.83 billion, or 43 cents per share, in its fiscal first quarter. Earnings, adjusted for amortization costs and stock option expense, were 55 cents per share.
The results missed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The business software maker posted revenue of $8.61 billion in the period, which also fell short of Street forecasts. Eleven analysts surveyed by Zacks expected $8.72 billion.
A year earlier Oracle posted net income of $1.75 billion, or 40 cents per share, on revenue of $8.45 billion.
After the release of the report, Oracle's stock slipped $1.34, or 3 percent, to $39.52.
Through the close of Thursday's regular-session trading, Oracle shares have increased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ORCL at http://www.zacks.com/ap/ORCL
Keywords: Oracle, Earnings Report