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Oracle Corp won't continue twin-CEO leadership model, shares fall on fiscal 2Q revenue miss

For the three months ended November 30, revenue grew 0.5% year over year to $9.61 billion from $9.5 billion, coming up short of Street expectations of $9.65 billion

Oracle President and CFO Safra Catz makes speech at Oracle OpenWorld conference in Moscone center on Sept 24, 2013 in San Francisco, CA
CEO Safra Catz is now the sole leader at the helm

Oracle Corporation (NYSE:ORCL) is leaving behind its dual-CEO corporate structure, opting not to replace its late leader Mark Hurd. 

The company announced the decision in the conference call following its fiscal second quarter results, which leaves remaining CEO Safra Catz as the group's sole leader.

Chairman Larry Ellison — who was CEO himself until 2014 — said that Oracle won’t necessarily go back to the twin-CEO format but that the company is developing a management team who can be “potential CEOs when both Safra and I retire, which is not anytime soon”.

READ: Adobe shares push higher as fourth quarter revenue tops estimates

Shares of Oracle, meanwhile, dropped 2.7% as the company delivered mixed results in its quarterly report.

For the three months ended November 30, revenue grew 0.5% year-over-year to $9.61 billion from $9.5 billion, coming up short of Street expectations of $9.65 billion, according to FactSet.

Adjusted earnings came in at $0.90 per diluted share, up from $0.80 a year ago, and just ahead of $0.89 per share expectations.

Looking ahead, the company expects fiscal third quarter earnings between $0.95 and $0.97 per share, The Wall Street Journal reported, while analysts are calling for $0.97.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: Oracle Corporation

Price: 59.47 USD

NYSE:ORCL
Market: NYSE
Market Cap: $179.06 billion
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