Oracle Beats Expectations in Latest Quarter
June 23, 2009 by Stephen Kersey
Filed under Business
Oracle, one of the largest software makers in the world, made investors smile on Tuesday. Even though the company had year-over-year drops in both profit and sales, Oracle was able to beat most expectations.
In their last quarter, most experts believed the company would have sales of about $6.5 billion. Instead, Oracle had $6.9 billion in sales. Compared to last year, Oracle’s sales were down about 5%.
In 2008, this quarter saw Oracle profit approximately $2 billion. In 2009, that number was down to about $1.9 billion. However, that was still better than expectations.
The main reasons why Oracle says they saw their profits sink a little bit were a strong dollar and the overall economic downturn in the United States and globally.
Safra Catz, President of Oracle: “Adjusted for the substantial movement in the US dollar exchange rate this fiscal year, which is beyond our control, we grew non-GAAP earnings per share by 19 percent for the year. That’s an amazing achievement given what’s been happening in the global economy over the past twelve months.”
On the stock market, Oracle shares had a healthy bounce after this news release.
Oracle (Image: Flickr)
