Oracle topped Wall Street targets, but the stock is sinking over 4%

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Oracle reported strong quarterly results after the closing bell on Thursday afternoon, beating Wall Street expectations. Even so, the stock is down more than 4% in after-hours trading at the time of writing.

The database giant posted:

  • Quarterly revenue of $9.63 billion, versus an analyst estimate of $9.57 billion, and up 6.2% year-over-year.
  • Adjusted earnings of $0.70 per share, compared with estimates of $0.68.

In a press release, Oracle attributes much of its growth to its cloud computing business, which it says grew 44% from the year-ago period to revenues of $1.5 billion.

Oracle’s cloud computing software and services compete head-to-head with the likes of Amazon Web Services and Microsoft Azure, which are seen as the leaders in the enterprise cloud market. Amazon Web Services is expected to do $18 billion in revenue this year, while Microsoft’s cloud computing business is on a $20 billion annualized run rate.

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