Oracle fiscal 3Q net income rises 2 pct

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Associated Press

Posted on March 18, 2014 at 4:00 PM

Updated Tuesday, Mar 18 at 4:02 PM

NEW YORK (AP) — Oracle's fiscal third-quarter net income rose 2 percent, helped by higher cloud software subscription revenue, but the results fell slightly short of Wall Street predictions.

In the three months through Feb. 28, the business software maker earned $2.57 billion, or 56 cents per share, up from $2.5 billion, or 52 cents per share, in the same quarter the year before. Excluding one-time items, the company posted an adjusted profit of 68 cents per share.

Revenue rose 4 percent, to $9.31 billion from $8.96 billion, as revenue from new software licenses and cloud software subscriptions increased 4 percent to $2.42 billion.

Analysts polled by FactSet expected a profit of 70 cents per share on $9.36 billion in revenue. Redwood Shores, Calif.-based Oracle Corp. shares fell 5.6 percent in aftermarket trading.

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