Oracle Q3 results miss estimates; share dip in afterhours trading

Investing.comDec 10, 2024 12:37 AM

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Investing.com -- Oracle reported Monday fiscal second-quarter results that fell short of Wall Street estimates despite ongoing AI-led demand for cloud infrastructure.

Oracle Corporation (NYSE:ORCL) fell 8% in afterhours trading following the report.

Oracle reported adjusted EPS of $1.47 on revenue of $14.06B, missing Wall Street expectations for $1.48 on revenue of $14.12B.

Remaining performance obligations, a gauge of booked revenue, climbed by 49% to $97B.

"Record level AI demand drove Oracle Cloud Infrastructure revenue up 52% in Q2, a much higher growth rate than any of our hyperscale cloud infrastructure competitors," said Oracle CEO, Safra Catz.

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