Oracle earnings beats forecasts

ORACLE beat Wall Street’s earnings estimates last night as new software sales came in at the high end of the company’s forecast, offsetting a sharp drop in hardware revenue.

The software maker’s stock rose 2.6 per cent after the news that third quarter revenues rose three per cent to $9bn and net income rose 18 per cent to $2.5bn.

It said new software sales this quarter will range from a two per cent drop to growth of as much as eight per cent.