Shares of cloud computing giant Oracle plunged more than 10% in after-hours trading on Wednesday after the company's revenue results fell short of Wall Street expectations.
The company reported revenue of $16.06bn (£11.99bn) for the three months that ended in November, compared with the $16.21bn projected by analysts.
Revenue growth was up 14%, with a 68% surge in sales at its AI business, Oracle Cloud Infrastructure (OCI), the company said.
OCI services major AI technology developers whose demand for Oracle's AI infrastructure helped the company's shares reach new highs this fall but Wednesday's results failed to quell fears about a potential AI bubble.
In September, Oracle inked a highly sought-after contract with ChatGPT-maker OpenAI which agreed to purchase $300bn (£224bn) in computing power from Oracle over five years.
