NEW YORK (TheStreet) -- Shares of Oracle Corp. (ORCL) are up 4.62% to $43.06 in pre-market trade as the company's efforts to move further into Web-based cloud computing are paying off, with the software maker reporting fiscal second quarter profit and sales that were above analysts' estimates, Bloomberg reports.
Profit before certain costs was 69 cents a share in the period that ended November 30 on revenue of $9.6 billion, the company said in a statement. On average, analysts projected profit of 68 cents and $9.5 billion in sales, according to data compiled by Bloomberg.
Second quarter net income slid 2% to $2.5 billion, or 56 cents a share, from $2.55 billion, or 56 cents, a year ago.
For the fiscal third quarter ending in February, the company said that unusually high volatility in foreign exchange rates could adversely impact revenue by 45 and per share earnings by 4 cents.
Based on this, Oracle issued a profit forecast of 65 cents to 70 cents for the current quarter and sales that will be flat to 4% higher from a year ago, according to data compiled by Bloomberg.
Analysts, on average, are predicting profit of 73 cents and sales increasing 4% to $9.68 billion in the fiscal third quarter.
Separately, TheStreet Ratings team rates ORACLE CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation: