Oracle Gains After Corporate Software Spending Boosts Profit
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Oracle Corp. shares rose after the software maker reported profit that topped analysts’ estimates, boosted by increased spending on database programs and applications that help run businesses.
Fiscal first-quarter earnings excluding some items were 48 cents a share, the company said in a statement yesterday. That exceeded the average 47-cent estimate of analysts surveyed by Bloomberg. Sales in the period ended Aug. 31 rose 12 percent to $8.37 billion, matching the average projection. Forecasts for this quarter’s profit also topped analysts’ predictions.