Oracle revenue hit by pandemic, stock drops in after-hours trading
Oracle ORCL, +2.51% on Tuesday reported fiscal fourth-quarter net income of $3.11 billion, or 99 cents a share, compared with $1.07 a share in the year-ago period. Adjusted earnings were $1.20 a share, compared with $1.16 a share in the year-ago period. Revenue declined to $10.44 billion from $11.14 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of $1.15 a share on revenue of $10.61 billion.Oracle projected adjusted earnings of $1.20 to $1.28 a share on revenue of $10.92 billion to $11.36 billion back in March. “Our overall business did remarkably well considering the pandemic, but our results would have been even better except for customers in the hardest-hit industries that we serve, such as hospitality, retail and transportation, postponing some of their purchases,” Chief Executive Safra Catz said in Tuesday’s announcement. “Still, for the third year in a row, we delivered double-digit constant-currency earnings per share growth in FY20.
Oracle shares fell more than 3% after hours, after gaining 2.7% in the regular session to close at $54.68. Oracle shares are up 4% for the year, compared with a 10% gain in the Nasdaq Composite Index COMP, +1.74% and a 3% decline in the S&P 500 index SPX, +1.89%.
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