Oracle reported quarterly earnings late Thursday that barely topped estimates while its sales slightly missed. ORCL stock dropped on the news.
The database software giant reported adjusted earnings of $1.22 a share on revenue of $12.4 billion in its fiscal third quarter ended Feb. 28. Analysts expected Oracle to earn an adjusted $1.20 a share on revenue of $12.43 billion, according to FactSet.
ORCL stock dropped 3.9% to 83.50 in after-hours trading on the stock market today.
Total revenue jumped 18% year over year, or 21% in constant currency. Total cloud revenue came in at $4.1 billion, up 45%. Oracle's cloud business now exceeds $16 billion in annualized revenue.
ORCL Stock Forming Base
Also, ORCL stock has formed a cup-with-handle base with a buy point of 91.32. ORCL stock is trading right at its 50-day moving average.
Health care company Cerner, which Oracle acquired in June, contributed $1.5 billion to total revenues, the company said.
"Since we acquired Cerner, that business has increased its health-care contract base by approximately $5 billion," Oracle Chairman and Chief Technology Officer Larry Ellison said in a news release. "We have signed a diverse set of new and expanding domestic and international customers.
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