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Software sales drop, but Oracle beats expectations

Robert McMillan | June 24, 2009
The company was pleased with the results, especially in Europe, where its applications business grew by 5 per cent

SAN FRANCISCO, 23 JUNE 2009 - Oracle reported a 13 per cent dip in new software sales Tuesday, but posted quarterly financial results that were ahead of analyst expectations.

Oracle remained profitable, posting net income of US$1.9 billion, or $0.38 per share, on $6.9 billion in revenue for the quarter, ended May 31. Excluding one-time charges, Oracle reported $0.46 per share, beating expectations of analysts, who had been looking for earnings of $0.44 per share on about $6.5 billion in revenue, according to a survey done by Thomson Reuters.

While overall revenue was down 5 per cent from the same quarter last year, Oracle said that it was pleased with the results, especially in Europe, where the company's applications business grew by 5 per cent.

"We executed substantially better than we expected," said Oracle Chief Financial Officer Jeff Epstein in a statement.

Oracle said that its results would have been stronger if not for weakening international currencies.

Overall software revenue, including new licenses, updates and product support, was down 3 per cent for the quarter, totalling $5.8 billion, Oracle said.

 

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