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Shares of the company fell 5.5% in trading after the bell. The stock has gained about 55% so far this year.
Companies have been trying to optimize their cloud budgets due to a global economic slowdown after a spurt in spending and adoption during the pandemic. Oracle (NYSE:ORCL), which was a laggard in the cloud sector, has played catch-up in a segment dominated by larger rivals such as Amazon (NASDAQ:AMZN) Web Services and Microsoft (NASDAQ:MSFT).
Revenue for the quarter stood at $12.45 billion, slightly below analysts’ estimates of $12.47 billion, according to LSEG data.
Net income was $2.42 billion for the quarter ended Aug. 31, compared with $1.55 billion a year earlier.
