Oracle flying high

Oracle flying high

Oracle flying high

Oracle posted healthy profits for the three months ending in November, 2010 – which the company attributed to new customer acquisitions.

Net profit for the period was recorded at $1.87 billion (£1.2 billion), a growth of 28% over last year –same period. Compared to last year’s revenue, it almost doubled to $8.5 billion this year with new software sales recorded at $2 billion for the same period.

Analysts say Oracle’s acquisition of Sun Microsystems and its strategy of cross-selling hardware and software products have paid off.

Jeff Gaggin at Avian Securities said “I’m not convinced that this necessarily means the IT spending environment is robust, but it certainly suggests that Oracle’s strategy is paying off”.

Oracle Corp. had bid for Sun Microsystems in April 2009 for $7.4 billion, but the deal was delayed and was finally approved by regulators in January 2010.

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