Oracle Profit Rises 20%, Higher Than Forecast

Fresh off a radical overhaul of its executive suite, Oracle told investors on Thursday that its house remained in order.

Oracle posted better-than-expected results for its first quarter on the back of strong sales of new software products and higher maintenance and support revenue. Wall Street analysts praised the company for turning in such results for a quarter that closed at the end of August, traditionally one of the slowest selling periods. Oracle’s performance also provided a bright spot for the business computing sector, which has produced a mixed bag of results in recent weeks.

“Obviously, we are extremely pleased with our first-quarter results,” said Safra A. Catz, a president of Oracle, speaking to analysts.

Read Full Article from New York Times

- Posted: 2010-09-16 22:28:50

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