Oracle announced on Tuesday lower fourth-quarter sales and earnings but was encouraged as results beat expectations.
For the fourth quarter of its fiscal year, which ended May 31, the database giant earned $1.9 billion, or 38 cents a share, versus $2 billion, or 39 cents, a year earlier. Sales fell 5 percent to $6.9 billion, compared with $7.2 billion a year ago. However, Wall Street had been predicting revenue of only $6.47 billion.
Oracle noted in its report that results were hurt by the lower value of foreign currencies versus the U.S. dollar. Without that … Read more