Oracle Corp. (ORCL) shares plunged on Tuesday after the tech gian🤪t reported fiscal second-quarter earnings that mi♊ssed on revenue and cloud growth expectations.

Adjusted earnings for the quarter rose 11% year-on-year to $1.34 a share, beating Wall Street forecasts of $1.32. Total revenue rose 5% over the same period to $12.94 billion, while cloud revenue climbed 25%. However, analysts were disappointed with the company's growth rates for those metrics, 🌊which slowed from 9% and 30%, respect🧔ively, in the fiscal first quarter.

Forward guidance from management put revenue growth at 6% to 8% for the current quarter, which was also close to consensus estimates of 7.6%.

Investors appear to have shrugged off bullish comments from the company's chief executive officer (CEO), Safra Catz, who said demand for cloud and 澳洲幸运5官方开奖结果体𒁏🃏彩网:generative artificial intelligence (AI) was "astronomical," citing Remaining Performance Obligations (RPO) of more than $65 billion, which exceed Oracle's annual revenue. The company's founder and chief technology officer, 澳洲幸运5官方开奖结果体彩网:Larry Ellison, said demand was "over the moon," noting that the company is expanding 66 of its data centers and building 100 new ones.

That expansion brought concern about 澳洲幸运5官方开奖结果体彩网:operating margins on the company's earnings call due to increased 澳洲幸运5官方开奖结果体彩网:capital expenditures. Ellison suggested that the company can build the data centers more quickly and inexpensively than its competitors. Catz also commented on concerns that the company's 澳洲幸运5官方开奖结果体彩网:Cerner acquisition was dragging ಞon earnings, saying, "We expect Cerner to👍 be a growth story" in the next fiscal year.

Oracl♓e shares were down 12% at $100.80 at around 2:30 p.m. ET, 🦹but are still up more than 20% for the year.