Comments
Business software company Oracle saw its net income fall 4 per cent in the fourth quarter while sales edged up 3 per cent from a year earlier, the California-based company said on Thursday.
The company, provider of database and other business software packages, said it earned $3.64 billion in the fourth quarter, down from $3.8 billion in the same quarter of 2013. Sales rose from $10.94 billion to $11.32 billion.
Oracle financial officer Safra Catz attributed lower revenue to the transition to cloud software. The company said, however, it is making progress in the cloud business selling internet-based products.
“Our cloud subscription business is now approaching a run rate of $2 billion a year,” said Catz in the statement. “As our business has transitioned, more software revenues are being recognised over the life of a subscription rather than upfront.” Oracle shares fell 5.8 per cent in extended trading following the announcement.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.