Oracle Stock Falls On Earnings Report As Cloud Transition Pain Remains
Summary
Oracle ( ORCL ) stock fell Tuesday following its quarterly earnings report late Monday that missed estimates, with company guidance that failed to excite, as struggles with a transition to cloud computing continue.After the market close Monday, Oracle reported fiscal first-quarter results that slightly missed revenue estimates."While headline numbers may leave investors feeling unimpressed, we believe significant progress continues to be made under the covers with several areas of opportunity on the horizon," Nomura analyst Christopher Eberle wrote in a note to clients.Salesforce.com reported quarterly results last month that beat estimates but gave an earnings outlook that fell short.Among other analysts, RBC Capital Markets Ross MacMillan maintained a sector perform rating on Oracle and set a price target of 53, up from 52.
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