Oracle skids after earnings fall short of analyst estimates

Shares of Oracle are slumping aftermarket trading after the software maker’s fourth-quarter results fell short of Wall Street estimates.

Oracle said the stronger U.S. dollar continued to hurt its results. The company’s net income fell 24 percent to $2.76 billion, or 62 cents per share. Oracle said it earned 78 cents per share if one-time items are excluded. Its revenue fell 5 percent to $10.71 billion.

Analysts expected a bigger profit of 87 cents per share and $10.91 billion in revenue, according to Zacks Investment Research.

Oracle shares lost $3.37, or 7.5 percent, to $41.54 in aftermarket trading.

A stronger dollar makes U.S. products more expensive overseas, and it also affects the company when foreign revenue is translated back into the dollar.

The Redwood City, California-based company said its full-year net income fell 9 percent to $9.94 billion, or $2.21 per share. Revenue declined less than 1 percent to $38.23 billion. Its fiscal year ended on May 31.

Oracle shares have fallen slightly in 2015 while the Standard & Poor’s 500 index has risen 2 percent.