The Pak Banker - - 6BUSINESS -

Or­a­cle Corp. ( ORCL) re­ported sales and profit that missed an­a­lysts’ es­ti­mates as cor­po­rate cus­tomers tran­si­tion­ing to Web-based pro­grams bought less hard­ware and soft­ware. The shares fell in ex­tended trad­ing. Fis­cal third-quar­ter profit ex­clud­ing some items was 65 cents a share on ad­justed sales of $8.97 bil­lion, the com­pany said in a state­ment yes­ter­day. That com­pares with an­a­lysts’ av­er­age pro­jec­tion for profit of 66 cents on sales of $9.37 bil­lion Chief Ex­ec­u­tive Of­fi­cer Larry El­li­son is be­ing stymied by cus­tomers switch­ing to In­ter­net- based cloud sys­tems, curb­ing their re­liance on Or­a­cle’s servers, data­bases and re­lated pro­grams. The shift in cor­po­rate com­put­ing habits caused Or­a­cle’s sales of hard­ware and new soft­ware tools to fall more than ex­pected, ac­cord­ing to Bren­dan Bar­ni­cle, an an­a­lyst at Pa­cific Crest Se­cu­ri­ties LLC in Port­land, Ore­gon. —Plus News

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