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Oracle beats on earnings, but stock drops on plans to raise another $20 billion
Oracle reported better-than-expected earnings and revenue for the fiscal fourth quarter on Wednesday while also raising its profit forecast for the year.
Summary
Oracle reported better-than-expected earnings and revenue for the fiscal fourth quarter on Wednesday while also raising its profit forecast for the year. The stock dropped 10% in extended trading as the company plans to raise more money to finance its AI buildout. Revenue increased 21% year over year in the quarter, which ended on May 31, according to a statement . Net income rose to $4.22 billion, or $1.45 per share, from $3.43 billion, or $1.19 per share, a year ago.
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