Weaker-than-forecast quarterly data for Larry Ellison’s tech company shows slowdown in revenue growth but big rise in spending
Business live – latest updates
Oracle’s disappointing results have knocked more than $70bn off the value of software and data company co-founded by Trump ally Larry Ellison, adding to fears of a bubble in AI-related stocks.
Shares in the company fell by 11.5% overnight after it reported a lower-than-expected 14% rise in revenues to $16bn (£12bn) in the latest quarter while revealing it was boosting its AI spending by about $15bn.
The business posted weaker-than-expected quarterly revenues for the three months to the end of November, as sales at its cloud computing business grew at a slower pace than forecast at 34%.
