Oracle shares drop 8% after earnings miss marks worst day of 2024

Oracle shares fell 8% on Tuesday, marking their largest drop of 2024 after the company reported disappointing earnings. The earnings per share of $1.47 missed analysts' expectations, and revenue of $14.06 billion also fell short. Despite the decline, Oracle's stock is still up about 68% for the year, the best performance since 1999. The company reported a 12% increase in cloud services revenue, which now makes up 77% of total revenue. Looking ahead, Oracle expects revenue growth of 7% to 9% for the current quarter, lower than analysts' expectations. The company recently signed an agreement with Meta to support AI projects, highlighting its focus on cloud infrastructure amid rising demand.