In a post-hours rollercoaster, Oracle (NYSE:ORCL) took a sharp 9% dive after releasing its Q2 results. The tech giant pointed fingers at a challenging economic backdrop and fierce cloud competition, denting the demand for its cloud services and denting their quarterly revenue.
Despite showcasing a 5% year-over-year revenue increase, tallying $12.9 billion, Oracle fell short of the anticipated $13.05 billion. Their EPS hit $1.34, barely edging past the anticipated $1.33 mark.
- There were glimmers of hope within the cloud sector, with a commendable 12% boost in Cloud services and license support revenue, surging to $9.6 billion. However, the flip side showed a gloomy 18% downturn in cloud license and on-premise license revenues, stumbling to $1.2 billion. Looks like Oracle might need a new recipe to weather this cloudy storm.