Oracle Profits Rise but Sales Fall in Q1

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Oracle on Wednesday reported first-quarter net income rose by 4 percent year-over-year to US$1.1 billion, but revenue fell by 5 percent to $5.1 billion. Earnings per share were $0.22.

Excluding one-time charges, Oracle reported earnings per share of $0.30 and $5.1 billion in revenue, partly meeting the expectations of analysts polled by Thomson Reuters, who had on average predicted earnings of $0.30 per share and $5.25 billion in revenue.

New software license sales fell 17 percent year over year to $1 billion, indicating that customers are still reluctant to make new software investments amid the global recession.

Oracle managed to increase profits even as revenue fell by "substantially improving" its operating margins, company President Safra Catz said in a statement.

(More to follow).

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