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Oracle Gains on Report Showing Buoyant Business Software
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Oracle Corp. rose to the highest in three months after reporting fiscal third-quarter profit and new license sales that topped analysts’ predictions, a sign of buoyant demand for programs that help companies organize data and run operations.
New software-license sales, a predictor of revenue growth, gained 7 percent to $2.37 billion, Redwood City, California-based Oracle said yesterday. Analysts had projected 3 percent growth, according to Raimo Lenschow, an analyst at Barclays Capital. Profit excluding certain costs advanced to 62 cents a share, topping 56 cents, the average analyst estimate, data compiled by Bloomberg show.