Oracle Corporation (ORCL) is a leading software tech company in the US. The Austin, Texas based company reported its fiscal 2023 third quarter results on March 9. It has seen a share drop of close to five percent after its fiscal third quarter results were not up to the mark. The enterprise tech giant’s financial results in its third quarter fell due to a loss in revenue.

According to Refinitiv estimates, Oracle had the following results:
Earnings per share adjusted were $1.22 while analysts predicted $1.20 per share.
Revenue was $12.40 billion though analysts estimated a higher revenue of $13.42 billion.

In its third quarter report ending February 28, the computer software company reported a fall in net income from $2.32 billion, or 84 cents a share in the third quarter of 2022 to $1.90 billion, or 68 cents per share in Q3 this year.

Oracle also reported an operating income of $3.3 billion during Q3. This marks a decline of 18 percent from $2.3 billion reported in the same quarter last year. Oracle claimed that the strong dollar had an impact. The currency strength apparently lowered its adjusted income per share by five cents.

Oracle CEO Safra Catz released a statement that said that the company’s non-GAAP earnings per share growth reached the high end of their guidance and had gone up by 13 percent.

Catz added that their “strong quarterly earning growth” was a result of 48 percent “constant currency growth for the total revenue” of their “two cloud businesses, infrastructure and applications.”

According to its website the company “offers integrated suites of applications” as well as “secure, autonomous infrastructure in the Oracle Cloud.”

The company remains confident about the demand for its cloud software more so after it recently acquired Cerner, an electronic medical records company.

Oracle has said that its fourth-quarter revenue will see a growth between 15 and 17 percent. Some analysts have estimated the fourth quarter growth revenue of the software giant to be 16.2 percent, as of now.

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