News Summary: Oracle falls on weak 3Q report

AP News
Posted: Mar 20, 2013 7:10 PM

SHORTFALL: Oracle Corp.'s fiscal third-quarter results fell shy of Wall Street's expectations on Wednesday. The business software bellwether attributed its revenue decline to a lackluster performance by its expanding sales force rather than a lack of demand.

KEY METRIC DOWN: Revenue from new software licenses and online or "cloud" subscriptions, a closely watched figure, fell 2 percent year-over-year to $2.3 billion. The company had predicted that number would rise by 3 percent to 13 percent.

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STOCK SLIDES: Shares of the Redwood City, Calif., company fell $2.56, or 7.2 percent, to $33.20 in after-hours trading following the announcement.