OracleAfter the company’s fiscal third quarter earnings, which failed to live up to analysts’ expectations, shares plunged more than 6 percent in extended trading.

The company’s success story is shown below:

• Earnings:According to Refinitiv, $1.13 per share is adjusted compared with $1.18 per shared as anticipated by analysts.
• Revenue:According to Refinitiv, $10.51 Billion is expected versus $10.51 Billion as predicted by analysts.

According to a report, Oracle’s quarter ended February 28th saw an increase of 4% over the previous year. statement. The net income fell 54% to $2.32 Billion.

Due to two investments, net income fell. Two investments caused a drop in profit for the company. Oxford NanoporeAmpere Computing is a private firm that suffered an operating loss as a result of the Arm chipmaker Ampere Computing.

Oracle stated that it remains confident in the strong return on investments made by these companies.

Quarter Oracle announcedIt plans to buy Cerner Software, which is a software developer for managing healthcare records for $28.3 Billion in cash.

Analysts and executives will be discussing the results on a conference phone call that begins at 5 pm ET. ET.

Oracle stock fell 12% before the after-hours movement. The S&P 500 index has dropped about 11% over the same period.

This is the latest news. Stay tuned for new updates.

WATCH: Jim Cramer likes Oracle after recent pullback, says the stock is trading at an ‘amazing price’