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Oracle delivered a cautious second-quarter outlook, which the company attributed to lackluster business-technology spending in the U.S. and Europe.
Shares fell nearly 3 percent after-hours. What is Oracle stock doing now? (Click here to get the latest quotes.)
The company said it expects earnings of 64 to 69 cents a share and for revenue to grow 1 percent to 4 percent during the quarter.
Analysts currently expect earnings of 69 cents a share and revenue growth of 3 percent.
The company expects software and subscription revenue to decline as much as 4 percent or rise as much as 6 percent in the quartter, CFO Safra Catz said in a conference call following the company's earnings report.
For the first quarter, new software sales and Internet-based software subscriptions rose 4 percent to $1.7 billion, in line with Oracle's projections. The world's No. 3 software maker had forecast that new software sales and subscriptions would be unchanged or rise as much as 8 percent in the quarter. Investors scrutinize new software sales because they generate high-margin, long-term maintenance contracts and are an important indicator of future profit.
Overall revenue rose 2 percent to $8.37 billion in the first quarter, which ended in August. That was a little below the $8.479 billion analysts had expected on average, according to Thomson Reuters.
Net profit for the first quarter rose to $2.19 billion, or 47 cents per share, compared to $2.03 billion, or 41 cents per share, in the year-ago quarter. On an adjusted basis, Oracle earned 59 cents per share.
Oracle's second-quarter earnings forecast has been updated to reflect the impact of a 1-cent gain from currency exchange rates, which analysts also consider in compiling their estimates.