(Reuters) -Oracle missed Wall Street expectations for second-quarter revenue on Monday, hit by softer spending on its database and cloud services as enterprise clients slash budgets amid an uncertain economy, sending its shares down over 9% in extended trading.
The company reported revenue of $14.06 billion in the second quarter, compared with estimates of $14.11 billion, as per data compiled by LSEG.
Despite seeing healthy growth in its cloud segment, Oracle (NYSE:ORCL) competes with cloud heavyweights such as Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN), which have established a large presence in the field.
To gain market share in the competitive environment, Oracle has partnered with these so-called cloud hyperscalers by embedding its database architecture within Microsoft’s Azure and Amazon’s web clouds, allowing customers to connect data across various applications.
The company’s cloud services and license revenue jumped 12% to $10.81 billion in the quarter ended Nov. 30.
