Skip to main content

Jim Cramer: Here's Why Oracle Released Earnings Early

Publish date:
Video Duration:

Oracle (ORCL) investors may feel like they need an Oracle after receiving a double whammy from Oracle Wednesday night.

The company posted earnings a day early and also announced that co-CEO Mark Hurd was taking a medical leave of absence.

Adjusted earnings in the first quarter were 81 cents a share, in line with forecasts, but revenue of $9.2 billion fell short of forecasts of $9.3 billion.

"Though we all worked hard together to close the first quarter, I've decided that I need to spend time focused on my health," Hurd wrote in a message distributed to Oracle employees. The board granted Hurd his request for a leave of absence, he said in a statement.

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

Related Videos