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The Economic Times
The Economic Times
Business
Debaroti Adhikary

Explained: Why Oracle shares crashed 10% in extended trading despite earnings beat

Oracle OpenAI United States

The shares of US-based IT major Oracle tumbled 10% in after-market hours on Wall Street after a massive AI spending forecast triggered worries over ballooning debt, despite the company reporting better-than-expected quarterly earnings.

Oracle on Wednesday reported total revenue of $19.18 billion for the fourth quarter, higher than analysts' estimate of $19.10 billion, according to data compiled by LSEG, as quoted by Reuters. Its adjusted profit of $2.11 per share for the quarter under review also exceeded expectations of $1.96 per share.

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