Oracle stock dropped almost 8% after it gave a disappointing earnings forecast
Investors weren’t happy with Oracle’s latest earnings forecast and made their feelings known Friday.
Oracle’s stock fell as much as 8.2% in regular trading before closing at $48.74, down $4.05 or 7.7%.
Investors were responding to the company’s latest quarterly report, issued Thursday, in which it offered disappointing guidance for its cloud revenue and profits for its second fiscal quarter.
Oracle forecast its cloud revenue would increase between 39% and 43% in the quarter. That may be fast-paced, but it would represent a slowdown from the 51.4% pace at which its cloud revenue grew in its just-completed first quarter. …read more
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