Business

Oracle CEO Mark Hurd to take leave on health grounds; misses quarterly revenue

Business

Oracle Corp said on Wednesday Chief Executive Officer Mark Hurd would be taking a leave of absence due to health-related reasons, and the business software maker posted first-quarter revenue that missed Wall Street expectations.

FILE PHOTO: Mark Hurd, CEO of Oracle Corporation, speaks at the Wall Street Journal Digital conference in Laguna Beach, California, U.S. October 18, 2017. REUTERS/Lucy Nicholson

Share this content

Bookmark

REUTERS: Oracle Corp said on Wednesday Chief Executive Officer Mark Hurd would be taking a leave of absence due to health-related reasons, and the business software maker posted first-quarter revenue that missed Wall Street expectations.

Shares of Oracle were down nearly 5per cent in extended trading.

Advertisement

Advertisement

Oracle's total revenue came in at US$9.22 billion, falling short of estimates of US$9.29 billion, according to IBES data from Refinitiv, indicating that company was struggling to make inroads into the highly competitive cloud computing market.

The company reported its quarterly results a day before its scheduled release.

"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 said in a statement.

Related Posts