Oracle Stock Is Sliding After Hours: What's Going On?

Oracle Corp (NYSE: ORCL) shares are trading lower in Thursday's after-hours session after the company reported mixed financial results.

What Happened: Oracle said fiscal third-quarter revenue increased 21% year-over-year to $12.4 billion, which narrowly missed average analyst estimates of $12.42 billion, according to Benzinga Pro. Cloud revenue was up 48% year-over-year, cloud infrastructure revenue was up 57% and cloud application revenue was up 42%.

The company reported quarterly earnings of $1.22 per share, which beat consensus estimates of $1.20 per share.

Oracle also raised its quarterly dividend from 32 cents per share to 40 cents per share.

"Our strong quarterly earnings growth was driven by 48% constant currency growth for the total revenue of our two cloud businesses, infrastructure and applications," said Safra Catz, CEO of Oracle

"We remain the overwhelming market leader in Cloud ERP with approximately 10,000 Fusion ERP customers and over 34,000 NetSuite ERP customers. Our technically advanced and highly differentiated Gen2 infrastructure business continues to be in a hypergrowth phase."

Oracle will hold a conference call to discuss these results at 5 p.m. ET. The company has historically issued guidance on the call.

ORCL Price Action: Oracle has a 52-week high of $91.22 and a 52-week low of $60.78.

The stock was down 5.03% after hours at $82.50, according to Benzinga Pro.

Photo: courtesy of Oracle.