Oracle stock fell as much as 4 percent in extended trading on Thursday even though earnings beat estimates for the fiscal third quarter and the company provided a forecast that met expectations.
statement, fell 1 percent from a year earlier in the quarter, which ended on Feb. 28.
With respect to guidance, Oracle CEO Safra Catz said the company is expecting earnings per share of $1.05 to $1.09, excluding certain items, and revenue that would be flat to down 2 percent in the fiscal fourth quarter. Analysts were looking for guidance of $1.05 in earnings per share, excluding certain items, and a 1 percent revenue drop, according to Refinitiv.
In the latest quarter, Oracle picked up business from Fair Isaac, Gap Stores and Jo-Ann Stores, CEO Mark Hurd said on a conference call on Thursday. Co-founder Larry Ellison pointed to “university researchers” switching to Oracle from cloud provider Amazon Web Services because of the opportunity cost savings.
Oracle shares are up 1.4 percent in the past year.