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Oracle fiscal third-quarter net income rises 2 percent on cloud subscriptions

NEW YORK--Oracle said Tuesday its fiscal third-quarter net income rose 2 percent, helped by higher cloud software subscription revenue, but investors wanted more growth and the company's stock fell in late trading.

For the three months through Feb. 28, the business software maker earned US$2.57 billion, or 56 cents per share, up from US$2.5 billion, or 52 cents per share, in the same quarter the year before. Excluding one-time items, the company posted an adjusted profit of 68 cents per share.

Revenue rose 4 percent, to US$9.31 billion from US$8.96 billion.

Analysts polled by FactSet expected a profit of 70 cents per share on US$9.36 billion in revenue.

Revenue from new software licenses and cloud software subscriptions increased 4 percent to US$2.42 billion, as bookings for the company's cloud applications jumped more than 60 percent. Revenue from software license updates and product support rose 5 percent to US$4.56 billion.

Shares of Redwood Shores, California-based Oracle Corp. fell US$1.70, or 4.4 percent, to US$37.14 in aftermarket trading. The stock has gained 7.8 percent over the past 12 months.

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