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Good morning. Today is Thursday, December 11th, and I'm your host, Kim Khan, filling in for Julie Morgan.

Oracle is slumping pre-market after posting mixed fiscal Q2 results, even as the company continues to sign major cloud and AI deals.

Shares are falling more than 10%.

Oracle reported adjusted earnings of 226 a share above the 164 consensus.

Revenue rose 14% to 16.06 billion, but that was just shy of expectations.

Cloud revenue, infrastructure plus applications,

claimed 36% to 8 billion, narrowly missing estimates.

Infrastructure was the standout up 66% and constant currency to 4.1 billion,

while application revenue rose 11% to 3.9 billion.

Fusion Cloud ERP grew 18% to 1.1 billion.

The key metric, remaining performance obligations, surged 438% to $523 billion, boosted by new commitments

from big names including meta and invidia.

Seeking off analysts trapping values, said Oracle's miss, is a genuine miss.

The company once again pointed to RPO,

which until one quarterback no one knew or cared about, they said. Oracle also booked a $2.7 billion

pre-tax gain from selling its stake in Ampere, lifting both Gap and Non-Gap EPS. The sale

follows SoftBanks agreement earlier this year to buy Ampere for $6.5 billion.

CTO Larry Allison said Ampeer was no longer strategic as Oracle shifts to chip neutrality,

working with all major CPU and GPU suppliers.

He emphasized that Oracle will keep buying Nvidia GPUs,

who wants the flexibility to deploy any chip customers require.

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