Posted on 06/23/2009 7:39:07 PM PDT by nickcarraway
Oracle Corp reported quarterly earnings above expectations as the No. 3 software maker's profit margin hit a record thanks to robust growth in its maintenance business, sending shares up 2.7 percent.
The company run by billionaire Larry Ellison also reported a smaller-than-expected drop in new software sales and said it grabbed market share from SAP in certain segments -- signs that Oracle may be weathering the downturn better than rivals.
"We've been able to push through the economic situation rather well and I have to tell you that I still see the pipeline growing rather significantly," Oracle President Safra Catz said in a conference call.
Oracle's quarterly results and outlook beat expectations it set in March, when executives warned the recession and strong dollar would take a substantial bite out of profits. Since then, the economy has stabilized and the currency has weakened, setting Oracle up to beat those conservative estimates.
Oracle executives were more optimistic on Tuesday, saying customers are telling the company they need to move forward in implementing new projects to keep their businesses running.
(Excerpt) Read more at reuters.com ...
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