Oracle reported a 13 percent dip in new software sales Tuesday, but posted quarterly financial results that were ahead of analyst expectations.
Oracle remained profitable, posting net income of US$1.9 billion, or $0.38 per share, on $6.9 billion in revenue for the quarter, ended May 31. Excluding one-time charges, Oracle reported $0.46 per share, beating expectations of analysts, who had been looking for earnings of $0.44 per share on about $6.5 billion in revenue, according to a survey done by Thomson Reuters.
While overall revenue was down 5 percent from the same quarter last year, Oracle said that it was pleased with the results, especially in Europe, where the company's applications business grew by 5 percent.
"We executed substantially better than we expected," said Oracle Chief Financial Officer Jeff Epstein in a statement.
Oracle said that its results would have been stronger if not for weakening international currencies.
Overall software revenue, including new licenses, updates and product support, was down 3 percent for the quarter, totalling $5.8 billion, Oracle said.