Oracle, the biggest developer of software databases and applications, reported second-quarter results and revenues that narrowly missed analyst estimates.

The Redwood Shores, Calif.-based giant headed by CEO Larry Ellison said per-share earnings were 54 cents a share, 2 cents below estimates of 56 and 58 cents carried by according to Zacks and ThomsonReuters. The estimates generally followed company guidance.

Oracle's second-quarter revenue was $8.8 billion, up 2 percent but below the expected range between $8.92 billion and $9.27 billion. Last quarter, Dell earned 46 cents a share on revenue of $8.4 billion, nearly 11 percent above the 2010 figure.

Oracle shares, which had closed at $29.17, up nearly 2 percent, fell to $26.62, or nearly 9 percent, after the results were announced.

On a net basis, Oracle said second-quarter net income rose 17 percent to $2.19 billion, or 43 cents a diluted share.

Ellison and other Oracle executives are expected to brief investors later on Tuesday.

The database and enterprise software provider said European sales rose slightly to $2.75 billion, although it may provide more details later. Technology companies have been wary of sales because of the ongoing financial crisis.

Bur gross margins fell to 64.6 percent from 67.7 percent a year ago, although the company said operating margins were satisfactory at 45 percent.

Oracle also said its cash and investments rose to $31 billion, from about $28 billion in the first quarter. The company acquired Endeca Software for a reported $900 million in the quarter and announced a bid for RightNow Technologies of Bozeman, Mt., for about $1.5 billion.