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Oracle (ORCL) Stock Down Over 5% in Pre-Market on Low Earnings Guidance Call
Mar 11 2021 · 13:23 UTC by Steve Muchoki · 3 min read
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Oracle reported a net income of $5.02 billion, or $1.68 a share, compared with $2.57 billion, or 79 cents a share, in the year-ago period.
Oracle Corp (NYSE: ORCL) stock closed yesterday trading at $72.12, 0.72% down. The drop intensified during Thursday’s premarket as the dip was approximately 5.44% at the time of writing.
The dip in Oracle stock is in contrast with the better than expected earnings results for the third fiscal quarter. Notably, Oracle reported a net income of $5.02 billion, or $1.68 a share, compared with $2.57 billion, or 79 cents a share, in the year-ago period. Besides, revenue rose to $10.09 billion from $9.8 billion in the year-ago quarter. According to a survey by FactSet, analysts expected Oracle to report earnings per share of $1.11 on revenue of $10.07 billion. The figures were advised based on the company’s forecast of $1.09 to $1.13 a share last quarter.

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