Oracle Earnings: ORCL Stock Declines Despite Q3 EPS Beat

Oracle (NYSE:ORCL) announced its quarterly results after the bell Thursday, bringing in figures that were mostly positive, yet shares were sliding more than 3% after hours.

The Redwood City, Calif.-based tech company announced that for its third quarter of its fiscal 2019, net income arrived at $2.75 billion, or 76 cents per share. Turning a profit was a welcome sight for the company, which had a loss of $4.05 billion, or 98 cents per share during the same period a year ago.

Adjusted earnings were 87 cents per share for Oracle, about 4 cents above the company’s adjusted profit from its third quarter of 2018. A FactSet survey of 33 analysts predicted that the business would bring in adjusted profit of 84 cents per share, while the company’s forecast was for 83 cents.

Revenue for the quarter tallied up to $9.61 billion, a drop of 0.7% when compared to its sales from the year-ago quarter. Analysts predicted Oracle would amass revenue of $9.59 billion, according to a poll of 29 analysts conducted by FactSet.

The business also had successful sales in its cloud services and license support segment as revenue reached $6.66 billion, above the $6.64 billion that analysts aimed for. Cloud license and on-premise license had sales of $1.25 billion, above the guidance as well.

For its fourth quarter of its fiscal 2019, Wall Street analysts see the software manufacturer compiling $11.14 billion in sales to go along with a profit of $1.05 per share.

ORCL stock is down about 3.9% after the bell following the company’s quarterly figures. Shares had been down a fraction of a percentage during regular trading hours in anticipation of its figures.

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