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The release of the quarterly financial results of Oracle have disappointed for a third quarter in a row. The stock price of the company plummeted from the Tuesday's closing price of $115.08 to an opening on Wednesday at $102.65.
The company has once again reported below expected cloud service sales. Moreover, future forecasts have also been decreased.
In general, the company's hyped up future that would come from global adaptation of generative AI has failed to materialize. Throughout 2023 the company's stock price had surged 40%, as the company invested in new data centres and reported the existence of high cloud computing demand that has to and would be met. Meanwhile, the company' Chief Executive Officer Safra Catz stated that supply constraints were to be blamed for the weak result and generative AI and cloud service demand continues to grow at astronomical rate
Tue, 12 Dec 2023 14:36:32 GMT
Source: Dukascopy Bank SA
The release of the quarterly financial results of Oracle have disappointed for a third quarter in a row. The stock price of the company plummeted from the Tuesday's closing price of $115.08 to an opening on Wednesday at $102.65.
The company has once again reported below expected cloud service sales. Moreover, future forecasts have also been decreased.
In general, the company's hyped up future that would come from global adaptation of generative AI has failed to materialize. Throughout 2023 the company's stock price had surged 40%, as the company invested in new data centres and reported the existence of high cloud computing demand that has to and would be met. Meanwhile, the company' Chief Executive Officer Safra Catz stated that supply constraints were to be blamed for the weak result and generative AI and cloud service demand continues to grow at astronomical rate