Oracle’s headquarters. The software giant’s earnings disappointed.
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posted mixed numbers for the quarter. Revenue edged out guidance, but profits fell short of the company’s target, largely due to the strength of the U.S. dollar against foreign currencies.
For the fiscal first quarter ended Aug. 31, Oracle (ticker: ORCL) posted revenue of $11.4 billion, up 18%, or up 23% when adjusted for currency. The company’s guidance had called for 20% to 22% growth on a currency-adjusted basis.
Adjusted profits were $1.03 a share, below the company’s guidance range of $1.09 to $1.13 a share. Under generally accepted accounting practices, the company earned 56 cents a share. Street consensus had called for revenue of $11.2 billion and adjusted profits of $1.07 a share.
Oracle said both adjusted and GAAP earnings were reduced by about 8 cents a share due to unfavorable foreign-exchange rates.
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