Oracle (ORCL) earnings Q2 2020

Oracle (ORCL) earnings Q2 2020

Oracle Chairman and Chief Technolgoy Officer Larry Ellison delivers a keynote address during the Oracle OpenWorld conference in San Francisco on October 22, 2018.

Justin Sullivan | Getty Images

Oracle shares moved 3% lower in extended trading on Thursday after the company reported fiscal second-quarter revenue that fell short of analysts’ estimates.

Here’s how the company did:

  • Earnings: Excluding certain items, 90 cents per share, vs. 88 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $9.61 billion, vs. $9.65 billion as expected by analysts, according to Refinitiv.

Revenue grew about 1% on an annualized basis in the second quarter of Oracle’s 2020 fiscal year, which ended on November 30, according to a statement.

Revenue from Oracle’s largest business segment, Cloud Services and License Support, came in at $6.81 billion, up 3% year over year and slightly less than the $6.82 billion consensus estimate among analysts polled by FactSet.

The Cloud License and On-Premise License business segment contributed $1.13 billion in revenue, 7% lower and below the $1.17 billion FactSet consensus estimate.

In the quarter Oracle co-CEO Mark Hurd died. He was 62. Also in the quarter Oracle announced the availability of Autonomous Linux for easier management and the acquisition of customer-loyalty company CrowdTwist.

For the fiscal third quarter, analysts polled by Refinitiv expect 97 cents in earnings per share, excluding certain items.

“After weaker 1Q results (+1.6% in constant currency), the company needs to pick up the pace for the remainder of the year,” Wedbush analysts Steve Koenig and Ahmad Khalil wrote in a note distributed to clients on Tuesday. The analysts have a neutral rating on Oracle stock, saying that they’re waiting for signs of improvement in the company’s core database business.

Oracle shares have risen about 25% since the beginning of 2019.

Executives will discuss the results on a conference call at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

WATCH: Mark Hurd, co-CEO of Oracle, dies at 62

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