Oracle narrowly missed market expectations for first-quarter revenue on Monday, as companies pared back spending on cloud services due to an uncertain economic outlook.
narrowly missed market expectations for first-quarter revenue on Monday, as companies pared back spending on cloud services due to an uncertain economic outlook.
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, which was a laggard in the cloud sector, has played catch-up in a segment dominated by larger rivals such as Amazon Web Services
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