Oracle reports 35 percent rise in third quarter profits

Oracle reports 35 percent rise in third quarter profits

Database software maker Oracle has posted a 35 percent rise in third quarter profits. The company gained from strong software sales that exceeded management’s projections.

Oracle earned $1.03 billion, or 20 cents per share, for the three months ended in February. This is much better compared to figures of $765 million, or 14 cents per share, at the same time last year.

The revenues for the quarter were at $4.41 billion which itself is an improvement of around 27 percent compared to last year in the same period.

The company reported that the sales of their new software licenses rose by 27 percent to $1.39 billion. Safra Catz, Oracle’s chief financial officer added: “We had aggressive guidance and exceeded on every metric.”