Oracle software sales climb

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LarryEllisonOracle REUTERS Oracle CEO Larry Ellison.

Oracle Corp posted better-than-expected quarterly revenue and authorised an extra $10 billion in share buybacks after a 7 percent jump in sales of new software licenses, helping drive shares 3 percent higher.

New software sales, an indicator of future performance, rose to $4 billion in the fiscal fourth quarter, the company said in a statement.

Global technology companies like Oracle and International Business Machines are bracing for a potential weakening in technology spending as the euro zone crisis deepens and US job creation remains static.

Oracle posted a 1 percent gain in quarterly revenue to nearly $11 billion in the quarter. Wall Street had expected the company, which competes with SAP and in providing software to corporations, to post revenue of $10.89 billion, according to Thomson Reuters I/B/E/S.

The stock jumped to $27.90 in after-hours trading, from a close of $27.12 on the Nasdaq. - Reuters

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