Shares of the Austin, Texas-based company, which have fallen about 13% year-to-date amid a tech rout, fell 6% in extended trading.
Oracle said it suffered losses from a decline in the stock price of genetic sequencing company Oxford Nanopore, and an operating loss at Ampere, the maker of the world’s fastest ARM server chips.
Enterprise software giant Oracle still lags behind in cloud computing and has for some time been in the process of realigning its business to focus on this key high-margin growth area.
Despite this, the company lacks the large data center footprint that rivals Microsoft, Amazon and Alphabet’s Google have, and Oracle still has a long way to go to be on par with the biggest cloud infrastructure providers. .
Net income fell to $2.32 billion, or 84 cents per share, in the quarter ended Feb. 28 from $5.02 billion, or $1.68 per share, a year earlier.
Revenue for the quarter was $10.51 billion, matching analysts’ estimates, according to IBES data from Refinitiv.