(Reuters) – Oracle Corp (NYSE): reported a steep decline in its third quarter profit. The cloud-based business software firm invests heavily to build data centers around the world and suffered losses on other investments.

The shares of Austin-based firm, which is headquartered in Texas, have fallen about 13% this year, amid tech turmoil. They fell to 6% during extended trading.

Oracle stated that it suffered losses from a fall in share prices at Oxford Nanopore gene sequencing company and operating losses at Ampere (the maker of world-famous ARM Server Chips).

Oracle, an enterprise software company, continues to be a trailblazer in the cloud market. Over time, it has focused its efforts on this area that is high-margin and key for growth.

Although it is doing so, Oracle does not have the same number of data centers as Alphabet (NASDAQ;), Amazon (NASDAQ–) or Microsoft. Oracle still has some way to go before being on the level with larger cloud infrastructure providers.

The net income decreased to $2.32 Billion or 84c per share in the quarter ending Feb. 28 from $5.02Billion or $1.68 a share one year earlier.

According to Refinitiv’s IBES data, the revenue for the quarter reached $10.51 trillion, which was in line with analysts’ estimates.