09-12-19_JC_ORACLE

Credit: The Street
Published 1 week ago - Duration: 02:04s

09-12-19_JC_ORACLE

Oracle 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."

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