Oracle shares drop after Ellison cancels $7.5bn sale amid AI slump
The Motley Fool reported that Oracle's shares slipped about 4. 5% after co-founder Larry Ellison abandoned a $7. 5 billion share-sale plan, while broader AI-sector weakness and expectations of a Federal Reserve rate hike weighed on investors. Earlier in the week, 247wallst. com said Morgan Stanley raised its price target for Oracle, sending the stock up roughly 5% and lifting fellow AI-cloud provider CoreWeave. Traders were pricing a potential 11% price swing around the earnings report, reflecting heightened call activity.
CNBC reported that Oracle posted adjusted earnings of $1. 92 per share and revenue of $19. 35 billion, beating expectations, with cloud revenue up 62%. CalcalistTech later noted that the company increased its restructuring-cost estimate by $700 million to about $2. 8 billion as AI-driven workforce cuts continued.