Oracle Corp posted quarterly revenue below Wall Street estimates on Tuesday as the coronavirus crisis led clients in the hospitality, retail and transportation sectors to postpone purchases, sending its shares about 3% lower after the bell.
) posted quarterly revenue below Wall Street estimates on Tuesday as the coronavirus crisis led clients in the hospitality, retail and transportation sectors to postpone purchases, sending its shares about 3% lower after the bell.
“As the quarter progressed, we saw a drop-off in deals, especially in the industries most affected by the pandemic”, Chief Executive Officer Safra Catz said on a post-earnings call. The company, which has been pushing aggressively into the cloud computing market to make up for its late start, recorded quarterly sales of $6.85 billion in the unit that includes Oracle Cloud, missing estimates of $6.98 billion.
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