Healthy Second Quarter Results for Oracle
Computer company Oracle has reported healthier-than-expected second quarter results thanks to continued technology spending by large corporations.
Oracle confirmed software license updates and product revenues grew 12 percent in the second quarter to $3.7 billion.
The company's net income rose 34 per cent to $2.6 billion, while earnings per share rose 33 percent to $.051. Total revenues were up 47 percent to $8.6 billion.
The adjusted income of 51 cents was above the expectations of Wall Street analysts. They had expected 46 cents on an adjusted basis and revenue of $8.34 billion.
Oracle further impressed investors by issuing guidance for the third quarter that was also above analyst expectations. Profit excluding certain expenses is expected to be 48 cents to 50 cents a share, above the 47 cents that analysts predicted.
The better-than-expected results and guidance sent Oracle's shares up more than 4 percent in after-hours trading to $31.53.
Oracle's primary business of selling and maintaining corporate database software performed particularly well. New software license sales, a driver of future revenue derived from maintenance fees, were up 21 percent to $2 billion. Software license updates and product support sales grew 12 percent to $3.6 billion.
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