Oracle misses revenue estimates

Oracle Corp fell short of quarterly revenue estimates on Thursday as growth in its cloud services failed to counter declines in its traditional licensing business, and the company's chairman said it had no plans to hire a new co-CEO.

The company has been aggressively pushing into cloud computing to compensate for a late entry into the fast-growing business that helps companies move away from the more expensive traditional on-premise model.

Oracle has announced plans to hire 2,000 additional workers to roll out its cloud computing service to more locations to compete with bigger rivals Amazon.com's Amazon Web Services and Microsoft Corp.

In Oracle's second quarter, revenue from cloud and on-premise license business fell 7 percent to $1.13 billion, while revenue from cloud services and license support rose 3 percent to $6.81 billion.

The company said it expected third-quarter adjusted profit to be between 95 cents and 97 cents per share, assuming a currency headwind, while analysts were expecting 97 cents. Total revenue rose to $9.61 billion in the second quarter, but fell short of analysts' average estimate of $9.65 billion, according to IBES data from Refinitiv.