Oracle’s forecast miss overshadows cloud growth, shares fall

Oracle Corp on Thursday forecast current-quarter revenue below analysts’ estimates, blaming a strengthening dollar, sending the business software maker’s shares down 4 per cent in extended trade.

The disappointing outlook overshadowed the company’s better-than-expected third-quarter profit and revenue beat that was driven by growth in its cloud services and license support unit.

The company said it expects fourth-quarter revenue in US dollars to drop 2 per cent or remain flat, the midpoint of which falls below analysts’ expectations of $11.15 billion, according to IBES data from Refinitiv.