Software and subscription sales at Oracle Corporation (NASDAQ:ORCL) missed analysts’ expectations for its fiscal fourth quarter, sending shares plummeting nearly 9 percent on Friday.
Oracle executives forecast sales growth will rise zero percent to 8 percent this quarter, blaming weakness on disappointing sales in Asia and Latin America as the tech giant tries to stave off competition from Salesforce.com and other rivals in the cloud-computing business.
Oracle’s revenue remained at a static $10.9 billion in its fourth quarter, which ended May 31, falling below the $11.122 billion predicted by analysts polled by Thomson Reuters I/B/E/S.
"This is just really bad," Kim Forrest, a senior analyst with Fort Pitt Capital Group, told Reuters. "I don't really trust after-hour trading to accurately reflect what the stock will do the next day. But it shows you how frustrated shareholders are right now."
Shares in Oracle were down 8.46 percent Friday to $30.40 at 11 a.m. EST.