Oracle returns to revenue growth thanks to weak dollar
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Currency fluctuations push revenue up 4% to $5.9 billion in second quarter. Plus, Oracle optimistic for Sun acquisition
Database, applications and middleware giant Oracle yesterday reported second quarter revenues of $5.9 billion, up 4% from the same quarter of the previous year.
This represents the first quarter of revenue growth for the company since February 2009, but is due mainly to fluctuations in currency valuations.
“During the second quarter the US dollar weakened compared to last Q2, increasing our international revenues, expenses and profits when measured in US dollars,” said chief financial officer Jeffrey Epstein. “As a result, currency movements increased new license revenues by 7%; total revenues by 5%; net income by 7% and earnings per share by 7% or $0.02 per share compared to Q2 of last year.”
As measured in US dollars, profit jumped 12% to $1.5 billion for the quarter. New software license revenues – a crucial indicator of future performance – were up 2% to $1.7 billion in US dollars, but down 5% in constant currency.
Meanwhile, the company said that it was optimistic about the chances of its proposed acquisition of Sun Microsystems receiving regulatory approval for the European Commission. “We expect the European Commission to unconditionally clear the acquisition of Sun in January,” said president Safra Catz.
