Oracle Shares Slide 2.7% After Workday Q3 Slowdown; Paramount Raises Bid to $114
Oracle’s shares dropped 2.7% on February 24, mirroring a 3% decline in the software index after Workday reported fiscal Q3 revenue of $1.7 billion, down from 28% growth in Q2. Paramount raised its Warner Bros bid by 8% to $114 per share, underscoring media consolidation with no direct Oracle impact.
1. Sector Selloff Hits Oracle After Workday Results
Oracle’s stock fell 2.7% as the broader software index declined 3% following Workday’s fiscal Q3 report. Workday recorded $1.7 billion in revenue, down from 28% year-over-year growth in Q2, prompting investors to reassess cloud software valuations including Oracle.
2. Paramount Boosts Warner Bros Bid with Limited Oracle Impact
Paramount increased its offer for Warner Bros by 8% to $114 per share in cash and stock, reflecting renewed M&A activity in the media sector. Analysts note this transaction does not alter Oracle’s cloud and database market dynamics.