By Tess Stynes
Oracle Corp. said its revenue rose 3% during the quarter ended
in November, the first one with co-chief executives Safra Catz and
Mark Hurd at the helm.
Shares rose 2.5% to $42.23 in recent after-hours trading as
revenue beat analyst expectations.
Ms. Catz and Mr. Hurd were promoted to the top job in September
as Larry Ellison, who built Oracle into one of the world's biggest
tech firms, stepped down as CEO after 37 years. Mr. Ellison will
stay on to lead the company's software and hardware engineering
functions.
Oracle has been under pressure to make its products more
compatible with subscription-based cloud computing services
accessed from remote computers and to reduce its reliance on sales
of licensed software that runs on customers' own server
systems.
For the period ended Nov. 30, Oracle reported a profit of $2.5
million, or 56 cents a share, compared with $2.55 billion, or 56
cents a share, a year earlier. Excluding stock-based compensation
and other items, earnings rose 1% to 69 cents a share.
Revenue increased 3% to $9.6 billion. Excluding foreign-exchange
impacts, revenue would have risen 7%.
Analysts polled by Thomson Reuters expected per-share profit of
68 cents and revenue of $9.51 billion.
Write to Tess Stynes at tess.stynes@wsj.com
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