Oracle Beats First-Quarter Expectations

Oracle beats first-quarter earnings expectations by reporting first-quarter earnings of 42 cents a share.
Author:
Publish date:

NEW YORK (

TheStreet

) --

Oracle

(ORCL) - Get Report

has reported first-quarter earnings of 42 cents a share, beating expectations of 37 cents a share as the company's software business grew "strongly" in all regions.

Non-GAAP earnings per share were up 38%, the company said in a press release. Oracle's revenue increased 50% to $7.6 billion, vs. beating the Wall Street consensus estimate of $7.27 billion.

The company attributed the results to strong revenue performance and "disciplined business management."

Oracle said that during the first quarter its software business grew strongly in all regions with new license sales up 25%. Both the GAAP and non-GAAP software license updates and product support revenues were up 11% to $3.5 billion.

Oracle added that its Exadata database machine continued to win new customers in the quarter. The worldwide Exadata pipeline now exceeds $1.5 billion for the full fiscal year, the company said.

Oracle will hold a webcast earnings conference call at 5 p.m. ET. The call is expected to provide more updates on the company's acquisition of Sun Microsystemsand the controversial hiring of ousted

Hewlett-Packard

(HPQ) - Get Report

CEO Mark Hurd.

Oracle on Thursday also declared a cash dividend of 5 cents a share to be paid to stockholders of record as of the close of business on October 6, with a payment date of November 3.

Shares of Oracle stock have jumped 3.5% to $26.25 in Thursday after-hours trading.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here:

Andrea Tse

.

>To follow the writer on Twitter, go to

Andrea Tse

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.