Oracle Q1 Results Miss Estimates

(RTTNews) - Oracle Corp. (ORCL) reported net income for the first quarter of $2.18 billion or $0.48 per share, compared to $2.19 billion or $0.47 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $2.81 billion or $0.62 per share, compared to $2.76 billion or $0.59 per share in the prior year quarter.

Total revenues for the first quarter rose 3% to $8.60 billion from $8.37 billion in the same quarter last year. Adjusted revenue for the quarter grew to $8.60 billion from $8.38 billion a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.64 per share on revenue of $8.78 billion for the first quarter. Analysts' estimates typically exclude special items.

Oracle also said that its Board of Directors has authorized the repurchase of up to an additional $13.0 billion of common stock under its existing share repurchase program in future quarters.