Oracle reported lower earnings than expected Monday and executives’ profit forecast also came in lower than analysts were projecting, as a strengthening dollar took its toll.
Oracle Corp. reported lower earnings than expected Monday and executives’ profit forecast also came in lower than analysts were projecting, as a strengthening dollar took its toll.
Chief Executive Safra Catz said in a conference call Monday that the earnings miss was a result of a strengthening dollar during the quarter. She said that the currency fluctuations cost Oracle 8 cents a share in the quarter, while she was expecting 5 cents when she made the forecast three months ago.
Shares were up about 1% in after-hours trading Monday afternoon following the forecast, which was disclosed in a conference call. The stock closed with a 1.5% increase at $77.08. Oracle reported $1.4 billion in Cerner revenue for the quarter, while analysts on average were expecting sales of $1.36 billion, according to FactSet.
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