SAN FRANCISCO (AP) — Oracle’s quarterly earnings missed analyst estimates in what could be a bad sign for the technology industry.
The performance announced Tuesday covered a period of economic turbulence that has raised concerns that major companies and government agencies may curtail their technology spending.
The business software maker earned $2.2 billion, or 43 cents per share for the three months ending in November. That was a 17 percent increase from net income of $1.9 billion, or 37 cents per share, at the same time last year.
If not for certain items, Oracle Corp. said it would have earned 54 cents per share. That figure fell below the average estimate of 57 cents per share among analysts polled by FactSet.
Revenue for the period rose 2 percent from last year to $8.8 billion.