Oracle Stock Slumps Premarket After Cloud Sales Growth Slows
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.