Ellison Steps Down as CEO, Oracle Misses Q1 Street Estimates

Oracle’s founder Larry Ellison has stepped down as CEO and has been replaced in the position by former HP CEO Mark Hurd and Safra Catz. Ellison’s new titles are Executive Chairman and Chief Technology Officer. Meanwhile, Oracle posted first quarter earnings of $0.62 a share on revenue of $8.6 billion. Wall Street analysts were looking for $0.64 a share on sales of $8.78 billion. Last year, the software giant earned $0.59 a share on $8.38 billion in revenue. Cloud services business grew more than 30% to $475 million in revenue. TheStreet's Gregg Greenberg has details from New York.