Oracle misses quarterly revenue estimates amid strong competition

Enterprise software firm Oracle Corp missed Wall Street expectations for first-quarter revenue on Monday, hurt by competition in the cloud computing space. Shares of the Austin, Texas-based company fell 1.95% in extended trading. Analysts suggest Oracle's data center business still has a long way to go to be on par with bigger cloud infrastructure providers. Total revenue rose 4% to $9.73 billion in the quarter ended Aug. 31.

Enterprise software firm Oracle Corp missed Wall Street expectations for first-quarter revenue on Monday, hurt by competition in the cloud computing space.

Shares of the Austin, Texas-based company fell 1.95% in extended trading. Oracle is currently in a competitive cloud computing landscape crowded by rivals like Microsoft Corp's Azure, Amazon.com Inc's Amazon Web Services, Salesforce.com and IBM. Analysts suggest Oracle's data center business still has a long way to go to be on par with bigger cloud infrastructure providers.

Total revenue rose 4% to $9.73 billion in the quarter ended Aug. 31. Analysts were expecting revenue of $9.77 billion, according to IBES data from Refinitiv. Revenue at Oracle's largest unit, cloud services and license support, was up 6% at $7.37 billion during the first quarter.