For the second quarter in a row, database giant Oracle (NYSE:ORCL) reported mixed results and provided guidance that fell short of expectations. The company’s cloud business is growing, but other parts of the business are in decline. Total revenue grew by just 2% adjusted for currency in Oracle’s first quarter , and the company expects growth between 0% and 2% in the second quarter.
Despite this sluggish growth and a cloud strategy that’s heavy on bombast and light on market-share gains, Oracle believes its stock is “an unbelievable buy,” according to co-CEO Safra Catz on the company’s first-quarter earnings call. The company poured nearly $10 billion into share buybacks during the first quarter alone, and it authorized another $12 billion for additional share buybacks.
Rapid-fire share buybacks aren’t a bad thing when a stock is cheap. But shares of Oracle don’t look like a great deal to me…
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