Oracle Corp. (Nasdaq: ORCL) rose 7 to 84 in morning trading Wednesday after the database software company said net income in the third quarter ended February 29 rose 80 percent, due largely to a strong e-commerce market.
Income before investment gains at the Redwood Shores, California-based company grew to $498 million, or 17 cents a share, from $277 million, or 9 cents a share, in the same period last year. Revenue rose to $2.4 billion from $2.1 billion.
Including a $432 million gain from the sale of Oracle’s stake in Liberate Technologies, net income for the latest quarter totaled $763 million, or 25 cents a share.
“Oracle’s database and e-business applications have become the software standard for the Internet,” said company CEO Larry Ellison. “The faster the Internet grows, the faster we grow.” Database software sales rose 32 percent to $778 million in the latest quarter.
“Nine months ago, we set out to save $1 billion annually by using our own Internet e-business applications,” said Chief Financial Officer Jeff Henley. “That billion-dollar savings translates to a 10-point improvement in our margin.” More success is ahead as Oracle continues on its path to “a global e-business,” Henley said.