Oracle Profit Jumps 25% to Beat Street Estimates
For the three months ended May 31, Oracle posted net income of $2.4 billion, or 46 cents a share, up from $1.9 billion, or 38 cents, booked in last year's fourth quarter. Excluding items, Oracle would have reported earnings of 60 cents a share, well ahead of analysts' average forecast of 54 cents, according to data from Thomson Reuters.
Revenue rose 39% to $9.5 billion from $6.9 billion a year ago, which was in line with Wall Street's average estimate.
"We continue to take large chunks of market share away from SAP," Charles Phillips, Oracle's president, said in a statement. "Over the last twelve months Oracle's applications business has grown 5% on a constant dollar basis while SAP's business has declined 24% over their previous four quarters."