On Monday after market close, Oracle Corporation (NYSE: ORCL) reported its fiscal second quarter results. The software company that counts Microsoft Corporation (NASDAQ: MSFT) among its partners, missed revenue estimates, with its shares falling more than 12% upon the results on Tuesday.
The latest results of the massive chips purchaser, both from Nvidia Corporation (NASDAQ: NVDA) and Advanced Micro Devices Inc (NASDAQ: AMD) reflected a cloud slowdown for the second consecutive quarter, igniting expansion concerns.
Oracle’s Quarterly Highlights
For the quarter that ended on November 30th, Oracle reported revenue rose 5% to $12.94 billion, coming short of the projected $13.05 billion. Cloud revenue expanded 25% to $4.8 billion, but growth slowed compared to prior quarter’s 30% rate which was also below expectations considering that Oracle has been making an effort to expand its cloud business to better compete with Microsoft, Amazon.com Inc (NASDAQ: AMZN) and Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL)-owned Google. Back in in April, Ofcom estimated that together, Amazon and Microsoft hold 60-70% of the cloud market through Microsoft Azure and ...