NEW YORK (TheStreet) -- Oracle (ORCL) shares fell sharply Thursday, a day after the company announced fourth-quarter earnings missed analysts' expectations because of a strong U.S. dollar and sales decline.
The company earned an adjusted 78 cents per share, generating $10.7 billion, down 5% year-over-year or up 3% on a constant currency basis. Analysts were expecting 87 cents per share on $10.92 billion in revenue, according to a survey from Thomson Reuters.
Software and cloud revenue were also down for the company, dropping 6%, or up 2% on a constant currency basis, at $8.4 billion. Sales of new software licenses were down 17% to $3.1 billion year-over-year, disappointing many analysts.
Oracle CEO Safra Catz said she remains optimistic about the company's potential for future growth, saying in a statement "our rapidly increasing cloud sales to quickly translate into significantly more revenue and profits."
Shares, at $41.42, are currently down 7.8% for the day and 8% for the year to date.
For the fiscal first quarter, Oracle forecast earnings between 56 and 59 cents a share, with revenue growing between 5% and 8% year-over-year, excluding changes in foreign currency. Analysts surveyed by Thomson Reuters expect the company to earn an adjusted 61 cents a share.
Following the earnings release, reactions from analysts on Wall Street were mixed, with many looking to Oracle for long-term growth as it adjusts its business to the cloud model. Here's what some of them had to say: