Oracle shares are down nearly 5% after losing third-quarter revenue

Shares of Oracle fell nearly 5% after the tech giant announced its financial results for the third quarter of fiscal 2023.

Here’s how the company did:

• Earnings: $1.22 a share, adjusted, versus $1.20 a share as expected by analysts, according to Refinitiv.
• he won: $12.40 billion versus the $12.42 billion expected by analysts, according to Refinitiv.

Oracle’s total sales jumped 18% year-over-year over the most recent quarter.

In the third quarter ended Feb. 28, net income fell to $1.90 billion, or 68 cents per share, from $2.32 billion, or 84 cents per share, a year earlier. On an adjusted basis, Oracle earned $1.22 a share, beating analysts’ estimate of $1.20 a share.

Operating income was $3.3 billion during the quarter, down 18% from the $2.3 billion it reported a year earlier during the third quarter.

Oracle’s total operating expenses jumped 37% year over year to $9.2 billion.

“Oracle’s non-GAAP earnings growth hit the high end of our guidance — up 13% in constant currency to $1.22,” Oracle CEO Safra Katz said in a statement. “Our strong quarterly earnings growth was driven by solid currency growth of 48% of total revenue for our two Cloud, Infrastructure and Applications businesses.”

He watches: Oracle errs in the first line