shares dropped 8% on Tuesday and headed for their steepest drop in a year following the database software vendor's disappointing earnings report.The stock's worst day of the year had been a 5.4% decline in May. The shares are still up about 68% in 202, which would be the best annual performance since the dot-com boom of 1999.
Net income increased 26% to $3.15 billion, or $1.10 a share, from $2.5 billion, or 89 cents a share, a year earlier. Revenue in Oracle's cloud services business jumped 12% from a year earlier to $10.81 billion, accounting for 77% of total revenue. For the current quarter, Oracle expects revenue growth of 7% to 9%. At the midpoint of that range, revenue would be about $14.3 billion. Analysts were expecting sales of $14.65 billion, according to LSEG. The company said it expects adjusted earnings of $1.50 to $1.54 per share. Analysts were calling for earnings per share of $1.57.