Oracle's 1Q earnings rise, but revenue disappoints
SAN FRANCISCO (AP) — Oracle's earnings matched analyst estimates in the latest quarter, but a revenue decline signaled the business software maker is having a tougher time closing deals.
The fiscal first-quarter results announced Thursday are the latest indication that companies and government agencies are clamping down on technology spending amid mounting uncertainty about the economy.
Oracle Corp. earned $2 billion, or 41 cents, per share for the three-month stretch ending in August. That's an 11 percent increase from income of $1.8 billion, or 36 cents per share, at the same time last year.
Excluding certain accounting items, the Redwood City, Calif., company says it earned 53 cents per share, mirroring analyst projections.
Revenue dipped 2 percent from last year to $8.2 billion. That was about $200 million below analyst forecasts.