NEW YORK (TheStreet) -- Shares of Oracle Corp (ORCL) were sinking, sharply lower by 6.94% to $41.54 on heavy volume in after-hours trading Wednesday, after the company reported its fiscal fourth quarter earnings results after the market closed.
Oracle, the provider of enterprise software and computer hardware products and services, missed on both the top and bottom line.
For the fourth quarter, the database company earned 78 cents per share on revenue of about $10.72 billion.
Analysts polled by Thomson Reuters were expecting the company to earn 86 cents per share on revenue of $10.92 billion.
Oracle said revenue was significantly impacted by the effects of a strengthening U.S. dollar.
Still, the company expects to book between $1.5 billion and $2 billion in new SaaS and PaaS business this fiscal year.
SaaS is cloud software as a service, and PaaS is cloud platform as a service.
Oracle's planned SaaS and PaaS revenue growth rate is around 60% in constant currency, while rival company salesforce.com (CRM) has a planned growth rate of around 20%.
Oracle's board of directors also declared a quarterly cash dividend of 15 cents per share of outstanding common stock. The dividend will be paid to stockholders on July 29.
About 17.66 million shares have changed hands as of 4:05 p.m. ET today, compared to its average trading volume of about 10.21 million shares a day.
Redwood City, Calif.-based Oracle is a provider of enterprise software and computer hardware products and services.