Shares of Oracle Corp. surged more than seven per cent Wednesday after the software maker topped &to=http:// english.pravda.ru/economics/2002/11/16/39578.html' target=_blank>Wall Street’sprofit forecast.
The Redwood Shores, Calif.-based company said it earned $509 million US, or 10 cents per share, during the three months ended in August, a 16 per cent improvement from $440 million, or eight cents per share, at the same time last year. Revenue for the period totalled $2.22 billion, a seven per cent increase from last year.
&to=http:// english.pravda.ru/economics/2003/01/29/42725.html' target=_blank>Analysts surveyed by Thomson First Call had projected earnings of nine cents per share.
Oracle's report came at a time when more than a dozen &to=http:// english.pravda.ru/main/2002/10/22/38519.html' target=_blank>software makers missed their financial targets in their last quarters while tech icons Intel Corp., Cisco Systems Inc. and Hewlett Packard Co. either recently reported disappointing earnings or lowered expectations, says Canada Business Centre.
According to the New Zealand Herald, Oracle chief executive Larry Ellison said the database business, which has comprised about 80 per cent of total licence revenue in recent quarters, continued to post strong growth. Its average growth in the past three quarters was about 17 per cent.
Bernstein analyst Charlie Di Bona said the database business was increasingly driving Oracle's profits.