Radar Movers: Oracle Plunges on Quarterly Miss, Apple Skips Rally
Shares of Oracle (NASDAQ:ORCL) plunged more than 7 percent in late afternoon trading. The company reported lower-than-expected quarterly earnings. Net income increased slightly to $2.504 billion (52 cents per share), compared to $2.498 billion (49 cents per share) a year earlier. Excluding items, earnings per share were 65 cents, below estimates of 66 cents per share. Revenue of $8.97 billion was also a disappointment. Shares of Cisco Systems (NASDAQ:CSCO) also declined.