Oracle Corp.’s stock Japan falls sharply after first quarter net profit slumps

Oracle Corp. Japan’s 4716,
-3.75%
Shares fell sharply Thursday morning after first-quarter net income fell 3.8% from a year earlier due to higher expenses.

Shares recently traded 4.0% lower at 7,680 yen after previously falling as much as 5.3%.

The Japanese unit of the US software company Oracle Corp. ORCL,
-2.00%
said after the market close on Wednesday that net income fell to 11.33 billion yen ($78.6 million) for the quarter ended Aug. 31 from 11.77 billion yen a year earlier.

While revenue increased 1.3% to Y51.02 billion, the cost of goods sold increased 3.3% due to higher royalties and outsourcing costs. Selling, general and administrative expenses also increased by 7.4%, due in part to higher labor costs.

The company maintained its revenue and earnings per share guidance for the fiscal year ended May 2023. It still expects sales to rise 1.0% to 4.0% and earnings per share to be between Y400 and Y410.

The Topix sub-index of information technology companies was last down 0.9%, while the Nikkei Stock Average NIK,
-0.97%
fell by 1.2%.

https://www.marketwatch.com/story/oracle-corp-japan-shares-fall-sharply-after-first-quarter-net-profit-dropped-3-8-271663812354?rss=1&siteid=rss Oracle Corp.’s stock Japan falls sharply after first quarter net profit slumps

Brian Lowry

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