Oracle shares fall after revenue misses Street view

By @ibtimes on

Oracle Corp , the world's No. 3 software maker, posted lower-than-expected quarterly revenue that missed Wall Street projections, sending its shares down 2.4 percent.

Total revenue -- which includes software sales as well as fees for maintenance of previously purchase programs -- fell 5 percent to $5.05 billion in Oracle's first quarter ended August 31. That missed analysts' average forecast of $5.24 billion.

The software giant run by billionaire Larry Ellison reported profit, excluding special items, of 30 cents per share, matching Wall Street expectations according to Reuters Estimates.

Oracle President Safra Catz said in a statement that the company was able to offset the revenue decline by boosting its operating margins during the quarter.

Net income rose 4 percent to $1.12 billion, or 22 cents per share, from $1.08 million, or 21 cents per share, a year earlier.

The software maker's shares fell 3.3 percent to $21.40 in extended trading. They had fallen 53 cents to $22.13 in regular Nasdaq trade.

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