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While society misses Wall Street's expectations
Oracle chief executive Mark Hurd is reported to be on medical leave as the enterprise software maker reported first-quarter revenue lower than Wall Street expectations.
Hurd is one of Oracle's two CEOs, the other being Safra Catz. The company is more interested in cloud software.
Larry Ellison, founder and chief technology officer for Oracle Oracle, will cover Mr. Hurd's responsibilities in his absence, the statement said.
Hurd will continue to receive all benefits during his leave, said Oracle, so the release has nothing to do with the results. Hurd was named co-president of Oracle in September 2010, a month after being controversially dismissed from Hewlett-Packard where he held the position of managing director since 2005.
In addition, Oracle released quarterly results one day before the scheduled release date. In a post-profit call with analysts, Catz said: "… while Mark will take a leave, we thought it was logical to share all our news at the same time."
Total revenue was $ 9.22 billion, not counting missing estimates of $ 9.29 billion, according to Refinitiv's IBES data.
She said Oracle was struggling to penetrate the highly competitive cloud computing market, dominated by companies like Microsoft Corp. (MSFT.O) and Amazon.com.
The company also announced adjusted earnings for the second quarter between 87 and 89 cents per share, below estimates of 91 cents per share.
Net income fell to $ 2.14 billion in the quarter ended August 31 from $ 2.27 billion a year ago. Per share, Oracle earned 63 cents per share against 57 cents per share a year ago.
Excluding items, Oracle stands at 81 cents per share, which is in line with analysts' expectations.
Oracle has also announced plans to buy back an additional $ 15 billion.
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