Bloomberg News/TheStreet
Oracle co-CEO Mark Hurd

Oracle Corp. (ORCL - Get Report) posted its latest financial results a day earlier than expected Wednesday and said its co-CEO Mark Hurd is taking a medical leave of absence from the company. 

Oracle shares fell $2.98 or 5.29%, to $53.31 in after-hours trading on Wednesday on the results and news.

Oracle posted net income of $2.8 billion and adjusted earnings per share of 81 cents, in line with estimates compiled by FactSet. Revenue came in at $9.2 billion, however, shy of the $9.3 billion analysts had been looking for.

In the same period a year ago, the company posted earnings of 71 cents a share on sales of $9.2 billion. It reported net income of $3.4 billion.

The company said Hurd is taking leave for an unspecified medical condition.

Oracle Executive Chairman Larry Ellison said in a statement that "Oracle has an extremely capable CEO in Safra Catz and an extraordinarily deep team of executives, many with long tenure at Oracle. Safra and I will cover Mark's responsibilities during his absence."

The company also said its board has increased its authorization for share repurchases by $15 billion.

Shares of the data and cloud services provide had risen about 5% since the company last reported earnings on Jun. 19.