Oracle Q1 profit up a quarter
Slams SAP's 'downmarket' strategy
Database software giant Oracle said its first quarter profit rose by 25 per cent, with revenue and earnings per share beating Wall Street expectations for the firm.
Total revenue was up 26 per cent to $4.53bn compared to $3.59bn for the same quarter in 2006.
Net income increased to $840m, or 16 cents a share in the Q1 period ended 31 August.
Earnings, excluding acquisition-related charges and stock-based compensation expenses, were said to be 22 cents a share, a penny above Wall Street forecasts.
Oracle, which has been on a software buying spree in the past year having swallowed up Hyperion Solutions, Stellent, and MetaSolv, said it saw revenue from new software licenses jump 35 per cent year-on-year to $1.1bn.
The firm's president Charles Phillips said in a statement: "We continue to take applications market share from SAP."
Although Oracle leads the database software market ahead of rival IBM, German firm SAP remains in pole position with its business applications.
"We like our growth strategy of expanding into high-end industry specific vertical software as opposed to SAP's growth strategy of moving down market to sell software to small companies," said Phillips.
Nasdaq trading in Oracle shares are currently at $21.04, unchanged on the previous close.
The full Oracle results can be viewed here. ®