Oracle Stock Plunges on Weaker-Than-Expected Revenue and Cloud Growth

Oracle reported lower than expected quarterly revenue and issued weak revenue guidance due to reduced cloud spending.
Competition from Amazon, Microsoft, and Google in the cloud market has slowed Oracle's growth.
Oracle's stock price fell over 12%, marking its largest single-day decline in over 20 years.
Oracle's cloud business saw slower growth compared to previous quarters despite touting new AI and cloud contracts.
Transition challenges at Oracle's recently acquired Cerner unit also impacted cloud subscription revenue growth.