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Oracle Stock Slumps Premarket After Cloud Sales Growth Slows

By Georgina Taylor
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Oracle Stock Slumps Premarket After Cloud Sales Growth Slows

Software giant Oracle reported quarterly revenue that underwhelmed investors.

Software giant Oracle reported quarterly revenue that underwhelmed investors. (David Paul Morris/Bloomberg News)

Shares of Oracle (ORCL) slid in premarket trading after the software giant reported quarterly sales that underwhelmed investors.

Revenue rose 9% to $12.45 billion, in line with analyst estimates. Cloud revenue continued to drive the growth, rising 30% on the year, but that represented a slower rate than in the previous and year-earlier quarters.

The company also gave a lackluster sales outlook for the current quarter.

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