Sun Boosts Oracle Profits
Oracle’s fourth quarter was a strong one, thanks to increasing software sales and new revenue from the acquisition of Sun Microsystems. Posting financials after the bell Thursday, Oracle (ORCL) reported earnings of 60 cents per share and $9.6 billion in revenue, beating the consensus estimate, which called for 54 cents per share and $9.5 billion in revenue. Sun contributed more than $400 million in operating profit during the quarter, and, according to President Safra Catz, should “meet or exceed” the company’s goals for fiscal 2011 and 2012. Said Catz, “This compares with a loss in Sun’s quarter ending June of last year, when Sun was an independent company. Now that Sun is profitable, we have increased confidence that we will meet or exceed our goal of Sun contributing $1.5 billion to non-GAAP operating income in FY2011, and $2.0 billion in FY2012.”