Oracle beats Wall Street estimates
Net income was $1.33 billion, or 26 cents per share, little changed from the $1.34 billion, or 26 cents per share. Revenue rose two percent to $5.45 billion. Excluding certain one-time items, earnings were 35 cents per share. Analysts had expected earnings of 35 cents on revenue of $5.45 billion, according to Thomson Reuters. The company is so confident that it declared a five cent quarterly dividend, its first ever.
"But for the strengthening of the US dollar leading to unfavorable currency exchange rates, our non-GAAP earnings per share would have increased 29% in Q3," said Oracle CEO
Shares of the Redwood Shores, Calif.-based company are down more than 21 percent this year as investors worried that the company would be hurt by the economic slowdown. Those fears appear to be unjustified for now.
Software revenues rose five percent to
Wall Street apparently liked what it saw, pushing shares of Oracle up seven percent in after-hours trading.