Oracle shares suffer steepest drop of 2024 after earnings miss [MSNBC.com]
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Source: MSNBC.com
OracleThe stock's worst day of 2024 had been a 5.4% decline in May. The shares are still up about 69% for the year, which would be the best annual performance since the dot-com boom of 1999.After the close Monday, Oracle reported adjusted earnings per share for the fiscal second quarter of $1.47, trailing analysts' average estimate by a penny, according to LSEG. Revenue rose 9% from a year earlier to $14.06 billion, missing the $14.1 billion average estimate.Net income increased 26% to $3.15 billion, or $1.10 a share, from $2.5 billion, or 89 cents a share, a year earlier. Revenue in Oracle's cloud services business jumped 12% from a year earlier to $10.81 billion, accounting for 77% of total revenue."A bit of a stumble here for a stock that's created some lofty expectations for itself," wrote analysts at KeyBank Capital Markets in a note after the report on Monday. They still recommend buying the stock and said "we still like oracle heading into 2025."For the current quarter, Oracle
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