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Oracle earnings: 62 cents per share, ex-items, vs. expected EPS of 64 cents

Oracle reported quarterly earnings that trailed Wall Street expectations on Thursday and announced a $13 billion stock buyback. Shares fell more than 2 percent after the announcement.

The company handed in first-quarter earnings of 62 cents per share on $8.60 billion in sales. The company also said it plans to "roll out" a database cloud service next week.

Analysts had expected Oracle to report earnings of 64 cents a share on $8.78 billion in revenue, according to a consensus estimate from Thomson Reuters.

Oracle also announced that Larry Ellison would step down as CEO of the company he founded. The business software maker promoted Safra Catz and Mark Hurd to replace him.

Software and cloud revenue grew 6 percent to $6.60 billion, while hardware systems revenue dropped 8 percent to $1.2 billion.

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Larry Ellison, chief executive officer at Oracle Corp.
David Paul Morris | Bloomberg | Getty Images
Larry Ellison, chief executive officer at Oracle Corp.

Oracle has not exceeded 4 percent revenue growth since 2011, despite previously having been considered a major high growth company. The California-based company has largely fueled its recent growth through acquisitions, Scott Kessler, equity analyst at S&P Capital IQ, told CNBC.

Read MoreThe new profile of Oracle

In August, Oracle sued the state of Oregon, alleging that the state's health insurance exchange was using its software without paying millions in disputed bills.

—By CNBC staff