San Francisco
Oracle shares fell Wednesday after the business software company reported its earnings took a hit from the pandemic’s toll on hotels, shops and other enterprises that rely on its cloud computing offerings. Oracle reported a profit of $3.1 billion on revenue of $10.4 billion in the fiscal quarter that ended May 31, compared with $3.7 billion net income on $11.1 billion in revenue during the same period a year earlier. The quarter also ended Oracle’s 2020 fiscal year, with the Silicon Valley-based company reporting that its annual revenue was down slightly from 2019. “Our overall business did remarkably well considering the pandemic.”
