Oracle Misses Revenue Target
CBJ — Oracle made two major announcements — the company missed revenue targets for the first quarter and chief executive Mark Hurd is taking a medical leave.
Hurd is one of Oracle’s two CEOs, the other being Safra Catz. Under their tenure, the company has tried to rapidly transition to cloud computing software.
Catz and Oracle founder and Chief Technology Officer Larry Ellison will cover Hurd’s responsibilities during his absence.
Total revenue for the quarter came in at $9.22 billion, missing expected estimates of $9.29 billion.
Oracle has been aggressively pushing into cloud computing to make up for a late entry into the fast-growing business that helps companies move away from the traditional and costlier on-premise model.