Oracle earnings rise despite slowed sales

"update Oracle reported on-target first-quarter earnings Friday that rose 28 percent over the same period last year, despite a downturn in new software license sales.

The Redwood Shores-based company reported net income of $440 million on revenue of $2.07 billion, or 8 cents per share for the quarter, compared with $342.7 million on revenue of $2.03 billion, or 6 cents a share, for the year-ago quarter. The earnings matched projections from analysts surveyed by First Call.

Oracle reported that software license sales were down 7 percent to $525 million in its fiscal first quarter, while software license renewals and support contracts sales rose by 14 percent to $1 million. First-quarter operating margin was 30 percent versus 29 percent last year, the company said."

CNET News.com - Oracle earnings rise despite slowed sales