Oracle shares hit as sales disappoint again

Oracle, the US computing giant, has been punished by investors for missing sales targets for the second quarter running. Revenue from software sales and internet subscriptions rose 1% to $4bn (£2.58bn), but was below the average $4.2bn analysts had forecast. Net profit rose 10% to $3.8bn for the fourth quarter to 31 May.

But this did not stop the share price plunging 8% in after-hours trading, after closing 2.6% down on the Nasdaq.

Revenue for the period was $10.9bn, below the $11.2bn that had been expected.

Oracle bought Sun Microsystems, the computer storage specialist, for $5.6bn in 2010. Revenue from this integrated hardware division fell 13% to $849m in the quarter, but the drop was towards the lower end of company expectations.

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