Oracle ( ORCL ) reported fiscal second-quarter revenue that missed analysts' expectations, sending shares lower in extended trading Monday.
The cloud services giant delivered quarterly revenue of $14.06 billion, up 9% year-over-year and below the analyst consensus compiled by Visible Alpha. Net income came in at $3.2 billion or $1.10 per share, compared to $2.5 billion or 89 cents per share a year earlier, beating estimates. However, adjusted earnings per share of $1.47 slightly missed expectations.
Oracle's Cloud Services segment posted revenue of $10.81 billion, up 12% from the year-ago quarter, while Cloud Infrastructure revenue gained 52% to $2.4 billion on what CEO Safra Catz called "record level AI demand."
The results come after Oracle’s stock hit record highs last week on enthusiasm for the company's potential to gain from growing demand for AI.
Shares fell over 7% in after-hours trading following the release. They were up more than 80% for 2024 through Monday's close.
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