Oracle shares fell nearly 5% after third-quarter revenue fell

Oracle shares fell nearly 5% after the enterprise tech giant reported its financial results for the third quarter of fiscal 2023.

Here’s how the company did it:

• income: $1.22 per share, adjusted, versus $1.20 per share, as analysts expected, according to Refinitiv.
• income: $12.40 billion, versus the $12.42 billion expected by analysts, according to Refinitiv.

Oracle’s total sales for the most recent quarter were up 18% year-over-year.

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

Its operating income was $3.3 billion for the quarter, down 18% from the $2.3 billion reported in the third quarter last year.

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

“Oracle’s non-GAAP earnings per share growth was at the high end of our forecast, increasing 13% in constant currency to $1.22,” said Oracle CEO Safra Katz. “Our strong quarterly profit growth was driven by constant currency growth of 48% for total revenue from our two cloud businesses, infrastructure and applications.”

Look: Oracle doesn’t hit the top line