Oracle trounces Wall Street expectations for its third-quarter results on both the top and bottom lines, sending its shares higher in the extended session.
REDWOOD SHORES, Calif. (TheStreet) -- Oracle(:ORCL) enjoyed a significant bottom-line beat in its third-quarter results, released after market close on Tuesday, comfortably surpassing Wall Street's profit estimates.
Excluding items, the database giant earned 62 cents a share in its fiscal third quarter ended Feb. 29, up 15% from the same period last year, and well above analysts' forecast of 56 cents a share. Oracle reported its third-quarter results after market close.
Oracle, which posted disappointing second-quarter numbers in December, also brought in non-GAAP revenue of $9.06 billion, an increase of 3% on the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for sales of $9.02 billion.
Investors responded positively to Oracle's numbers, pushing the company's stock up 95 cents, or 3.16%, to $31.05 in extended trading.
Oracle's new software license revenue, a key performance metric, was up 7% year-over-year to $2.37 billion.
Revenue from Oracle's hardware products fell 16% year-over-year to $869 million.
"This past quarter Oracle delivered the hardware and software for our new extreme-performance Exalytics In-Memory Machine," said Larry Ellison, the Oracle CEO, in a statement. "At the core of Exalytics is our new in-memory database technology capable of instantaneous big data analysis; questions are answered at the speed of thought."
Oracle's board also declared a quarterly cash dividend of 6 cents a share after market close on Tuesday.
--Written by James Rogers in New York.
>To follow the writer on Twitter, go to http://twitter.com/jamesjrogers.
>To submit a news tip, send an email to: email@example.com.
Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.