Oracle Corporation (NYSE:ORCL) reported its first fiscal quarter earnings after closing bell today, missing on revenue estimates for the third consecutive quarter. The company reported earnings per share of 59 cents on revenue of $8.38 billion. Analysts had been expecting earnings of 56 cents a share on revenue of $8.48 billion for the quarter.
Oracle reports growth
The company reported that revenues from new software licenses and cloud software subscriptions rose 5 percent to $1.7 billion. Software license updates and product support revenues rose 7 percent to $4.4 billion. Oracle Corporation (NYSE:ORCL) reported also that revenues from hardware systems products was $669 million. The company noted that the strength of the U.S. dollar had a big impact on its earnings. Without that impact from currency exchange, earnings per share would have risen 17 percent.
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Oracle President Mark Hurd reported that its engineered systems division had its best first quarter ever in terms of unit sales. It grew more than 60 percent compared to the same quarter last year. He also noted that new software license sales were especially strong in the Americas, where they saw 15 percent growth in constant currency.
Big announcement from Oracle next week
Oracle Corporation (NYSE:ORCL) CEO Larry Ellison also said they would be making a major announcement next week at Oracle OpenWorld. They will announce the In-Memory Option for the Oracle database.
“Virtually every existing application that runs on top of the Oracle database will run dramatically faster by simply turning on the new In-Memory feature,” Ellison said in a statement. “Our customers don’t have to make any changes to their applications whatsoever; they simply flip on the in-memory switch, and the Oracle database immediately starts scanning data at a rate of billions or tens of billions of rows per second.”
Oracle Corporation (NYSE:ORCL)’s board also declared a 12-cent per share quarterly cash dividend, which will be paid to shareholders of record as of Oct. 8.