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Shares of Oracle (ORCL -1.02%) fell more than 5% in after-hours action, following the release of third-quarter results that left analysts wanting more.

Non-GAAP earnings rose 5% year-over-year on 4% higher sales. $0.68 of adjusted earnings per share fell short of the $0.70 average analyst target, and top-line sales of $9.3 billion also missed Street estimates by $0.1 billion.

Adjusted net income was flat year over year. The earnings strength rides on a generous share buyback program.

Oracle explained that currency exchange effects became a large headwind during the third quarter. In constant currency figures, non-GAAP earnings would have increased by 10%.

"In constant currency, our Cloud Software Subscriptions revenues grew 25% and our Engineered Systems revenue grew more than 30% in the quarter," said Oracle CFO Safra Catz in a prepared statement. "Oracle Cloud Applications and Engineered Systems are both rapidly growing, billion-dollar run-rate businesses."

Oracle also announced a $0.12 dividend per share as part of this report, payable on April 29 to shareholders of record as of April 8. This will be Oracle's fourth straight quarter of dividend payouts at this level.