Oracle earnings up most in 2 years
SAN FRANCISCO — Oracle Corp.’s net income jumped 28 percent in the latest quarter, its biggest increase in more than two years and another sign that companies are spending more liberally on technology.
The software maker demonstrated in its latest numbers that it is shielded somewhat from sudden market swings because nearly all of its revenue comes from support contracts that provide consistent revenue.
Oracle also cited improving profitability at the Sun Microsystems business it bought nearly a year ago as another reason for its better-than-expected results.
Oracle’s net income in the three months ended Nov. 30 was $1.87 billion, or 37 cents per share, compared with $1.46 billion, or 29 cents per share, a year ago.
Excluding items, the company earned 51 cents per share in the latest period, topping the 46 cents per share that analysts polled by Thomson Reuters expected.