Oracle stock drops after earnings fall short of Wall Street's forecast

Oracle Corp. shares fell in the extended session Thursday after the database-software company’s earnings missed Wall Street estimates.

Oracle
ORCL,
+0.72%
shares fell as much as 8% after hours, following a 0.7% rise in the regular session to close at $76.65.

For the fiscal third quarter, Oracle reported net income of $2.32 billion, or 84 cents a share, compared with $5.02 billion, or $1.68 a share, a year ago.

Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.13 a share, compared with $1.16 a share in the year-ago period.

Revenue rose to $10.51 billion from $10.09 billion in the year-ago quarter.

Analysts surveyed by FactSet had estimated earnings of $1.18 a share — based on Oracle’s forecast of $1.14 to $1.18 a share — and revenue of $10.51 billion.

Oracle shares are up 6% over the past 12 months, versus a 5% decline by the iShares Expanded Tech-Software Sector ETF
IGV,
-1.52%,
while the S&P 500 index
SPX,
-0.43%
has gained 9% and the tech-heavy Nasdaq Composite Index
COMP,
-0.95%
is virtually flat.

Source: https://www.marketwatch.com/story/oracle-stock-drops-after-earnings-fall-short-of-wall-streets-forecast-11646947290?siteid=yhoof2&yptr=yahoo