Oracle shares drop 12% in Europe after forecasts miss Wall St targets

Dec ‌11 (Reuters) - Shares in Oracle ‍opened ‌almost 12% lower in ⁠Frankfurt, tracking ‌U.S. afterhour losses after the company forecast sales and ⁠profit that missed analyst estimates.

Oracle ​said spending would rise ‌by $15 billion ⁠compared with earlier estimates - a sign that big capital ​outlays to chase AI cloud-computing customers is not turning into profit ​as ‍fast as ​Wall Street had expected.

"Results were mixed with backlog of $523B slightly ahead... Despite management's commitment to its ⁠IG (investment-grade) debt rating, AI debt funding concerns ​were unresolved," wrote Jefferies in a note, sticking to its ‌buy rating.

(Reporting by Danilo Masoni, editing by Alun John)