Oracle share price up in after-hours trading as software company reveals $10bn share buyback alongside results for its third-quarter of 2016 financial year

Hayley Kirton
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Nat West Bank
Did the company predict the boom in its cloud software? (Source: Getty)

Share price in Oracle was up in after-hours trading today after the software company announced an extensive buyback offer alongside its most recent set of results.

The company revealed that it had pulled in revenue of $9bn (£6.4bn) during its third quarter of its 2016 financial year, down three per cent from $9.3bn the year before, thanks to the strength of the US dollar.

Oracle also revealed a net income of $2.1bn for the three-months ending February 2016, down 14 per cent from $2.5bn in the prior year.

The company also announced a $10bn share buyback programme and a quarterly dividend of $0.15 per share.

Share price rose 4.8 per cent in after-hours trading to $40.62.

Sales of the company's cloud software were particularly strong during the period, with cloud software as a service and platform as a service revenues reaching $583m, up 57 per cent.

"Our cloud business is now in a hyper-growth phase," said Safra Catz, chief executive of Oracle.