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NEW YORK (
TheStreet) -- Shares of
Oracle(ORCL - Get Report) fell in late trades on Tuesday after the tech bellwether missed Wall Street's expectations for its latest quarterly results.
The Redwood Shores, Calif.-based company experienced a 10% year-over-year decline in hardware systems revenue in the latest quarter as well as flat services revenue for its fiscal second quarter ended Nov. 30.
Overall, Oracle posted non-GAAP earnings of $2.8 billion, or 54 cents a share, in the latest quarter with revenue rising 2% from last year to $8.8 billion. The average estimate of analysts polled by
Thomson Reuters was for earnings of 57 cents a share in the November quarter on revenue of $9.23 billion.
The stock was last quoted at $26.48, down 9.2%, on after-hours volume of 4.6 million, according to
Oracle also said its board has approved an additional $5 billion buyback authorization.
Nike(NKE - Get Report) edged up in the extended session after the maker of athletic footwear and apparel delivered a solid beat for its second-quarter results and said futures orders were up 13%.
The Beaverton, Ore.-based company said strong demand for its brands with revenue up 18% year-over-year and lower selling, general and administrative expenses for its above-consensus performance. These factors offset a decline in gross margins to 42.7% in the latest quarter from 45.3% last year because of higher product costs.
Nike reported earnings of $469 million, or $1 per share, for the three months ended Nov. 30 on revenue of 5.73 billion. That compares to the average estimate of analysts polled by
Thomson Reuters for a profit of 97 cents a share in the November-ended period on revenue of $5.63 billion.
The stock was last quoted at $94.67, up 1.1%, on late volume of nearly 300,000, according to
Nike said its inventories swelled 35% year-over-year to $3.2 billion, and that worldwide futures orders of its products for deliver in the December through April 2012 timeframe stood at $8.9 billion, up 13% from last year.