Oracle stock slides 13% after earnings disappointment

Oracle stock (ORCL) dropped as much as 13% on Tuesday after the company’s earnings fell flat compared to AI hopes.

The enterprise software company reported its fiscal first quarter 2024 earnings on Monday after the bell, missing slightly on Wall Street’s revenue expectations and offering less-than-ideal guidance.

Oracle was expected to ride the AI wave, so the letdown was particularly disappointing to Wall Street.

“Expectations were high, and while we thought this was a solid cloud number,…