Oracle Corp.’s share price down, profit and sales miss analysts’ estimates amid transition to cloud-computing services
June 20, 2014
Grazed from BinaryTribune. Author: Editorial Staff.
Oracle Corp. made an official statement yesterday, posting its profit and sales for the fourth quarter of the financial year that missed analysts’ forecasts. The announcement comes at a moment when the company is trying to shift its focus to providing primarily cloud-computing services and become a worthy rival of companies such as Salesforce.com Inc.
The Co-president and Chief Financial Officer of Oracle – Ms. Safra Catz said on a conference calL yesterday, cited by Bloomberg: “We’ve successfully grown the company’s revenues and earnings through every transition, whether it was many computer databases to a complete suite of products, client-server Internet, hardware engineered systems and now on-premise cloud.” Ms. Catz also added: “We are well under way with our most recent transition.”…
Oracle Corp. revealed that its net income over the fourth fiscal quarter fell by 4.2% to $3.65 billion or 80 cents a share, compared to $3.81 billion a year ago. The company also said that its revenue increased by 3.4% over the period. Both figures missed the median analysts’ estimates. The company also revealed that its new software-license sales amounted to 3.77 billion dollars, while its hardware systems increased by 2.4% and reached 1.47 billion dollars over the quarter. Oracle’s shares declined by 5.5% in after-hours trading…
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