Shares of Oracle (ORCL:US) are down on Friday after the company reported weaker-than-expected sales for its third fiscal quarter.

Oracle reported revenue of $12.40 billion while analysts were looking for $12.42 billion. Overall, sales grew 18% year-over-year and 21% in constant currency. 

The company generated $8.92 billion from its largest business - Cloud services and license support. However, Cloud license and on-premise license revenue came in at $1.29 billion, below the $1.38 billion expected.

The company also said its adjusted operating margin contracted 400 basis points compared to a year-ago period, still better by 80 bps than what analysts were looking for. Margins are shrinking as Oracle reported total operating expenses of $9.138 billion, an increase of 37% YoY.

“Our strong quarterly earnings growth was driven by 48% constant currency growth for the total revenue of our two cloud businesses, infrastructure and applications,” Oracle CEO Safra Catz said in a statement.

Oracle’s latest earnings report comes after Congress member Diana Harshbarger was selling the stock last month. The Congresswoman reported two transactions on February 09 and 10, when the stock closed at $86.65 and $87.14.

Oracle shares now trade in the low $80s. The stock is up in low single digits year-to-date.
On the other hand, Congress members Josh Gottheimer, Ro Khanna, and Kurt Schrader were all buying shares in November and December of 2022, as well as January this year.