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Oracle reports impressive results
Software giants Oracle have reported an impressive 27 percent hike in its quarterly income. The company believes that they are benefiting from the recent acquisitions, which cost them as much as $20 billion.
Oracle has been on a buying spree since last 2 years and has managed to gain a large number of new customers and products/services.
The company’s net income for the three months ending May 31 rose to $1.3 billion. This was an improvement from $1.02 billion in the same period last year. Revenues were also up to $4.85 billion from $3.88 billion.
The sales managed to beat the market expectations of $4.7 billion. Oracle’s President Safra Catz said in a statement: “It was a very, very strong finish to a very critical year for Oracle. It shows that our strategy is working and taking hold.”