Oracle fiscal 1Q net income up 8 pct

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Associated Press

Posted on September 18, 2013 at 6:06 PM

REDWOOD SHORES, Calif. (AP) — Higher software revenue helped lift Oracle Corp.'s fiscal first-quarter net income by 8 percent.

The company's adjusted profit beat Wall Street predictions, while the revenue fell short. Oracle shares are up 32 cents to $34.17 in aftermarket trading.

For the quarter ended Aug. 31, the Redwood Shores, Calif., business software maker earned $2.19 billion, or 47 cents per share, up from $2.03 billion, or 41 cents per share, in the same quarter last year.

Excluding one-time items, the company posted an adjusted profit of 59 cent per share for the recent quarter.

Revenue increased 2 percent to $8.37 billion, as software revenue rose 6 percent to $6.08 billion.

Analysts, on average, expected a profit of 56 cents per share on $8.48 billion in revenue, according to FactSet.

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