Oracle misses quarterly revenue estimates amid strong competition

Credit: REUTERS/MIKE BLAKE

Enterprise software firm Oracle Corp missed Wall Street expectations for first-quarter revenue on Monday, hurt by competition in the cloud computing space.

Adds shares, segment revenue, background

Sept 13 (Reuters) - Enterprise software firm Oracle Corp ORCL.N missed Wall Street expectations for first-quarter revenue on Monday, hurt by competition in the cloud computing space.

Shares of the Austin, Texas-based company fell 1.95% in extended trading.

Oracle is currently in a competitive cloud computing landscape crowded by rivals like Microsoft Corp's MSFT.O Azure, Amazon.com Inc's AMZN.O Amazon Web Services, Salesforce.com CRM.N and IBM IBM.N. Analysts suggest Oracle's data center business still has a long way to go to be on par with bigger cloud infrastructure providers.

Total revenue rose 4% to $9.73 billion in the quarter ended Aug. 31. Analysts were expecting revenue of $9.77 billion, according to IBES data from Refinitiv.

Revenue at Oracle's largest unit, cloud services and license support, was up 6% at $7.37 billion during the first quarter.

(Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra Eluri)

((Chavi.Mehta@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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