Oracle Sales Slip, Profit Inches Up
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Oracle Corp., whose shares have had their worst year-to-date performance since 1990, reported that its fiscal first-quarter profit rose only slightly and sales slipped because businesses tightened software spending.
The Redwood City, Calif.-based software maker postponed its earnings conference call until after the close of U.S. markets on the first day of resumed trading.
Separately, Oracle informed employees that sales account manager Todd Beamer was among the passengers on the plane that crashed in rural Pennsylvania after being hijacked, and it continues to search for six consultants who were in the south tower of the World Trade Center when it was attacked.
The company’s net income edged up 2% to $510.6 million, or 9 cents a share, in the quarter ended Aug. 31, from $500.7 million, or 8 cents, a year ago. Sales were down 0.9% to $2.24 billion.
Analysts on average expected Oracle to earn 8 cents on sales of $2.24 billion.
Oracle did not provide a forecast for the current period and fiscal year in its earnings release.
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