Oracle shares head for worst day of 2024 after earnings miss
Summary
After the close on Monday, Oracle reported earnings per share for the fiscal second quarter of $1.47, trailing analysts average estimate by a penny, according to LSEG. "A bit of a stumble here for a stock thats created some lofty expectations for itself," wrote analysts at KeyBank Capital Markets in a note after the report on Monday. Oracles biggest growth engine has been cloud infrastructure, where it is competing with Amazon , Microsoft and Google as businesses move workloads out of their own data centers. The business is booming due to soaring demand for computing power that can handle artificial intelligence projects. Oracle said it just signed an agreement with Meta , allowing the social media company to use its infrastructure to help with various projects related to the Llama family of large language models.
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