NEW YORK (TheStreet) -- Shares of Oracle Corp (ORCL) were tanking, sharply down 6.81% to $41.85 in pre-market trading Thursday, after the company reported its fiscal fourth quarter earnings results after the market closed yesterday.
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.
Redwood City, Calif.-based Oracle is a provider of enterprise software and computer hardware products and services.
The company operates through various segments, including new software licenses and cloud software subscriptions, cloud infrastructure-as-a-service, software license updates and product support, hardware systems products, hardware systems support, and services business.
Separately, TheStreet Ratings team rates ORACLE CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate ORACLE CORP (ORCL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: ORCL Ratings Report