Oracle stock dropped on Wednesday after it reported disappointing revenues alongside a $15bn increase in its planned spending on data centres this year to serve artificial intelligence groups.
Shares in Larry Ellison’s database group fell more than 11 per cent in after-hours trading after it reported revenues of $16.1bn in the last quarter, up 14 per cent from the previous year, but below analysts’ estimates of $16.2bn.
It raised its forecast for capital expenditure this financial year by more than 40 per cent to $50bn. The outlay, largely directed to building data centres, climbed to $12bn in the quarter, above expectations of $8.4bn.
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