Oracle Meets Earnings Forecast, but Revenue Is Light
Oracle reported quarterly earnings that were in line with analysts' expectations, but its revenue fell short of forecasts on Thursday.
After the earnings announcement, the software maker's shares fell inextended-hours trading.(Click here to get the latest quotes for Oracle.)
The company posted fiscal first-quarter earnings excluding items of 53 cents per share, up from 48 cents a share in the year-earlier period.
Net income rose 6 percent to $2.6 billion.
Revenuedecreased2percentto$8.21 billion from $8.4 billion a year ago.
Analysts had expected the company to report earnings excluding items of 53 cents a share on $8.42 billion in revenue, according to a consensus estimate from Thomson Reuters.
The technology giant reported that new software sales rose 6 percent from a year earlier to $1.6 billion during the quarter, in line with its own forecasts.
The company met its key revenue target after reorganizing its sales operation in the United States, its biggest market, following the departure of Executive Vice President for North American sales and consulting Keith Block.
In the company's earnings release, Larry Ellison, Oracle CEO, said the company would announce new features soon.
"A little more than a week from now we will announce lots of enhancements to the Oracle Cloud," Ellison said.
