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Oracle Earnings: ORCL Stock Declines Despite Q3 EPS Beat

Karl Utermohlen

Oracle (NYSE:ORCL) announced its quarterly results after the bell Thursday, bringing in figures that were mostly positive, yet shares were sliding more than 3% after hours.

The Redwood City, Calif.-based tech company announced that for its third quarter of its fiscal 2019, net income arrived at $2.75 billion, or 76 cents per share. Turning a profit was a welcome sight for the company, which had a loss of $4.05 billion, or 98 cents per share during the same period a year ago.

Adjusted earnings were 87 cents per share for Oracle, about 4 cents above the company’s adjusted profit from its third quarter of 2018. A FactSet survey of 33 analysts predicted that the business would bring in adjusted profit of 84 cents per share, while the company’s forecast was for 83 cents.

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Revenue for the quarter tallied up to $9.61 billion, a drop of 0.7% when compared to its sales from the year-ago quarter. Analysts predicted Oracle would amass revenue of $9.59 billion, according to a poll of 29 analysts conducted by FactSet.

The business also had successful sales in its cloud services and license support segment as revenue reached $6.66 billion, above the $6.64 billion that analysts aimed for. Cloud license and on-premise license had sales of $1.25 billion, above the guidance as well.

For its fourth quarter of its fiscal 2019, Wall Street analysts see the software manufacturer compiling $11.14 billion in sales to go along with a profit of $1.05 per share.

ORCL stock is down about 3.9% after the bell following the company’s quarterly figures. Shares had been down a fraction of a percentage during regular trading hours in anticipation of its figures.

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