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<p class="has-drop-cap">Oracle (NYSE: ORCL) <a aria-label="reported its Q2 2024 results (opens in a new tab)" href="https://investor.oracle.com/investor-news/news-details/2023/Oracle-Announces-Fiscal-2024-Second-Quarter-Financial-Results/default.aspx" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">reported its fiscal Q2 2024 results</a> on Monday, posting worse-than-expected revenue and Q3 revenue guidance. The report triggered a sell-off in after-hours trading, sending the company’s shares down 9.5% in Tuesday’s premarket.&nbsp;</p> 
<h3 id="oracle-s-eps-beat-estimates-but-q3-revenue-guidance-falls-short">Oracle’s EPS Beat Estimates But Q3 Revenue Guidance Falls Short</h3> 
<p>Oracle’s shares tumbled more than 9.5% in premarket trading Tuesday after the software maker unveiled its financial results for the fiscal Q2 2024, missing revenue estimates. Revenue guidance for the current quarter was also below expectations.</p> 
<p>Notably, Oracle generated $12.94 billion in second-quarter revenue, up 5% year-over-year but falling short of the consensus estimates of $13.05 billion. $9.64 billion of total revenue came from the company’s cloud services and license support, while Wall Street was looking for $9.71 billion. $1.18 billion was generated from cloud and on-premises licenses, down 18% from last year.</p> 
<p>The company’s Q2 adjusted earnings per share stood at $1.34, exceeding the projected $1.32 per share. Net income climbed 44% year-over-year to $2.5 billion, or 89 cents per share, down from $1.74 billion, or 63 cents per share, in the same quarter last year.&nbsp;</p> 
<p>Looking forward, Oracle expects net income for Q3 to be in the range of $1.35 to $1.39 per share, compared to the analysts’ expectations of $1.37. The software firm estimates revenue to grow between 6% and 8% in the current quarter, with the midpoint of that range missing the analyst’s growth outlook of 7.6%.</p> 
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<h3 id="oracle-can-still-be-proud-of-its-year-so-far">Oracle Can Still Be Proud of its Year So Far</h3> 
<p>Oracle’s price action in today’s premarket represents a significant percentage drop, but overall, 2023 has been a favorable year for the cloud software provider.</p> 
<p>The company’s shares are still up more than 37% year-to-date and around 41% over the past year, outperforming the broader S&amp;P 500 index, whose gains have mainly been fueled by the <a href="https://tokenist.com/70-of-the-stock-market-gains-this-year-come-from-the-magnificent-seven/" rel="dofollow" class="deco-link">AI-powered Big Tech companies</a>.</p> 
<p>Prior to this year’s performance, Oracle was mainly viewed as a technology has-been rather than an innovative company, falling behind the cloud giants like <a href="https://tokenist.com/salesforce-continues-ai-push-launches-enterprise-ready-cloud-solution/" rel="dofollow" class="deco-link">Salesforce</a>. However, this year has seen Oracle pick up pace and <a href="https://tokenist.com/analysts-see-potential-in-oracle-despite-shares-plunging-in-premarket/" rel="dofollow" class="deco-link">reclaim analysts’ trust</a> thanks to the craze around generative AI, a revolutionary technology capable of producing impressive text or media content using just a few words of human input.</p> 
<p>Oracle is also a <a aria-label="major investor in Cohere (opens in a new tab)" href="https://www.oracle.com/news/announcement/oracle-to-deliver-powerful-and-secure-generative-ai-service-for-business-2023-06-13/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">major investor in Cohere</a>, a $2 billion enterprise-focused generative AI startup focused on copywriting, search, and summarization.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em><strong>All things considered, do you believe Oracle can extend its 2023 uptrend into next year? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/oracle-tumbles-9-5-as-q2-revenue-and-q3-guidance-miss-the-mark/">Oracle Tumbles 9.5% as Q2 Revenue and Q3 Guidance Miss the Mark</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Oracle Tumbles 9.5% as Q2 Revenue and Q3 Guidance Miss the Mark

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