Business software giant Oracle on Monday shook
off rumors of a looming management shake-up and announced plans to buy
back an additional $10 billion in stock.
Oracle shares gained ground on what had been a
losing day of trading on the Nasdaq after the surprise early release of
its quarterly earnings report along with word the board of directors
had approved the stock buy-back scheme.
The California-based company said that net
income in its fourth fiscal quarter rose eight percent to $3.5 billion
on revenue that climbed a percent to $10.9 billion.
"Our record-breaking fourth quarter featured several all-time highs for Oracle," said chief financial officer Safra Catz.
High points for the quarter included software
license sales of four billion dollars and overall software revenue of
eight billion dollars, according to Catz.
Along with authorizing the repurchase of
another $10 billion worth of Oracle stock the company's board declared a
quarterly dividend of six cents per share.
Oracle stock price slid more than two percent
during the trading day due to unconfirmed reports of a management
shake-up in the works.
Oracle stock was lifted more than three percent to $27.98 in after-market trading that followed release of the earnings figures.
© 2012 AFP
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© 2012 AFP
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