Software sales drop, but Oracle beats expectations

The company was pleased with the results, especially in Europe, where its applications business grew by 5 percent

Oracle reported a 13 percent dip in new software sales Tuesday, but posted quarterly financial results that were ahead of analyst expectations.

Oracle remained profitable, posting net income of $US1.9 billion, or $US0.38 per share, on $US6.9 billion in revenue for the quarter, ended May 31. Excluding one-time charges, Oracle reported $US0.46 per share, beating expectations of analysts, who had been looking for earnings of $US0.44 per share on about $US6.5 billion in revenue, according to a survey done by Thomson Reuters.

While overall revenue was down five percent 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 percent.

"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 three percent for the quarter, totalling $US5.8 billion, Oracle said.

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