Oracle (NYSE:ORCL) tumbled more than 13% intra-day on Thursday after the company issued a sales and earnings forecast that came in below Wall Street expectations and said it would boost spending by an additional $15 billion, raising investor concerns about the near-term payoff from large AI investments.

Adjusted profit for the current quarter was projected at $1.64 to $1.68 per share, shy of analyst expectations of $1.72, according to LSEG data cited by Reuters. Revenue growth was forecast at 16% to 18%, below the anticipated 19.4%.

Results for Oracle's fiscal second quarter also missed expectations. The company reported adjusted earnings of $2.26 per share on revenue of $16.06 billion, compared with forecasts of $1.64 and $16.19 billion, respectively.

Cloud infrastructure revenue surged 68% to $4.08 billion. Software revenue fell 3% to $5.9 billion, driven by a sharp 21% decline in new license sales. Remaining performance obligations soared 438% to $523 billion, signaling a substantial rise in future contracted revenue.