Shares of Oracle (NYSE:ORCL) dropped over 11% intra-day today after the company announced lower-than-anticipated revenue for its second fiscal quarter.

The company reported that its quarterly revenue faced challenges due to a difficult economic climate and increased competition in the cloud computing arena, which affected demand for its cloud services. Oracle’s revenue for the quarter was $12.9 billion, a 5% increase compared to the same period last year, but it fell short of the expected consensus estimate of $13.05 billion. The Earnings Per Share (EPS) was $1.34, just slightly above the predicted $1.33.

In terms of future expectations, Oracle’s guidance for adjusted EPS was aligned with analyst predictions, setting the figure at $1.37, which matched the consensus estimate.

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