Tuesday, May 21, 2024

Oracle Stock Slumps Premarket After Cloud Sales Growth Slows


Updated 17 min ago

Oracle Stock Slumps Premarket After Cloud Sales Growth Slows

Shares of Oracle (ORCL) slid in premarket trading after the software giant reported quarterly sales that underwhelmed investors.

Revenue rose 9% to $12.45 billion, in line with analyst estimates. Cloud revenue continued to drive the growth, rising 30% on the year, but that represented a slower rate than in the previous and year-earlier quarters.

The company also gave a lackluster sales outlook for the current quarter.



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