Oracle Shares Drop After Q2 Sales Miss

Oracle Corporation ORCL shares were trading down in Thursday's after-hours session following a second-quarter sales miss. 

Adjusted earnings came in at 90 cents per share, beating estimates by 2 cents. Sales came in at $9.6 billion, missing estimates by $50 million.

"We had another strong quarter in our Fusion and NetSuite cloud applications businesses with Fusion ERP revenues growing 37% and NetSuite ERP revenues growing 29%," Oracle CEO Safra Catz said in a statement. 

"This consistent rapid growth in the now multibillion dollar ERP segment of our cloud applications business has enabled Oracle to deliver a double-digit EPS growth rate year-after-year. I fully expect we will do that again this year."

Oracle shares were down 1.63% at $55.55 at the time of publication. 

Oracle Executive Chairman Larry Ellison. Photo courtesy of Oracle.