Tech stocks Oracle Corporation and First Solar, Inc. all emerged as major winners during after-hours trading on Monday night.
Oracle gained 3% upon releasing its second-quarter financial results. The company reported a revenue of $12.28 billion; a year-over-year increase of 18%. This translates to adjusted earnings of $1.21 per share, thereby beating analysts’ estimates of $1.18 per share.
The company’s cloud unit was its strongest performer, generating $3.8 billion in revenue for the quarter. In addition, the company attributed much of its growth to its recent acquisition of healthcare IT firm Cerner.
“Since the acquisition, Cerner has contributed to Oracle’s growth—and Oracle has helped Cerner improve its technology,” Oracle CTO and chairman Larry Ellison stated in a press release.
Electric vehicle innovator Tesla plummeted further during the same period after losing more than 6% during Monday’s trading. As a result, the company’s shares closed at their lowest level since November 2020.
News of Tesla’s decision to cut production at its Shanghai plant served as a catalyst for its falling stock price, particularly since this decision came as a result of staggering demand.