Oracle (ORCL) was the worst-performing stock in the 澳洲幸运5开奖号码历史查询:S&P 500 with shares down more than 12% at midday Tuesday after the software maker reported lower-than-expected revenue and guidance as꧑ businesses pulled back on cloudᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ spending following the pandemic boom. 

Oracle’s fiscal 2024 first quarter revenue rose 9% year-over-year to $12.5 billion, below estimates, while adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $1.19 exceeded forecasts. Revenue for the company’s cloud services and license support unit rose 13% to $9.55 billion and beat expectations. However, the cloud license and on-premises license segment’s sales fell 10% to $809 million, and hardware revenue dropped 6% to $714 million. Both were lower than anticipated.

Oracle also said it faced “near-term headwinds” to the growth rate of Cerner, the electronic health records software company it acquired last year for $28.2 billion.

The company projected current quarter revenue increasing 5% to 7%, while analysts had been looking for a gain of 8.2%. Oracle’s EPS outlook was $1.30 to $1.34, while estimates were for $1.33.

Still, Co-Founder, Chair, and Chief Technical Officer Larry Ellison spoke enthusiastically about Oracle’s reach into the 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) market. He said that AI development companies have signed contracts to purchase more than $4 billion of capacity in its Gen2 cloud. He noted that was twice♐ as much as the company booked at the end of the fourth quar𓆏ter. 

Shares of Oracle hit an all-time high on Monday, and despite Tuesday’s decline, they were up by more than 36% year-to-date.