Oracle revenue falls short of expectations as cloud competition rises

Enterprise software firm Oracle Corp fell short of Wall Street expectations for first-quarter revenue on Monday, hurt by competition in the cloud computing space.

Shares of the Austin, Texas-based company pared losses and were down 1.4% in extended trading after the company forecast second quarter adjusted earnings per share above expectations.

The company expects adjusted earnings per share to be between $1.09 and $1.13, above analysts’ average estimate of $1.08, according to IBES data from Refinitiv.