ORCL Oracle Corp

By Maria Armental 

Software giant Oracle Corp. reported higher profit and roughly flat revenue in the latest quarter.

The Silicon Valley company, best known for its corporate database software, reported $9.61 billion in revenue for the quarter ended Nov. 30, missing analysts' projected $9.65 billion, according to FactSet.

Profit for the second quarter rose to $2.31 billion, or 69 cents a share. On an adjusted basis, profit rose to 90 cents a year, from 80 cents a share a year earlier. Analysts surveyed by FactSet expected a profit of 68 cents a share, or 89 cents a share as adjusted.

It was the company's first earnings report since the October death of Mark Hurd, who had shared the post of chief executive with Safra Catz. Ms. Catz now leads Oracle as sole CEO. Company co-founder Larry Ellison, who ceded the CEO post to Mr. Hurd and Ms. Catz in 2014, remains active as chairman and chief technology officer.

Oracle deftly navigated constant technological changes since it was founded in 1977; but in the era of cloud computing, it has been playing catch-up to the likes of Amazon.com Inc., Microsoft Corp. and Alphabet Inc.'s Google.

Last year, Oracle changed how it reports financial results, mixing the cloud-computing business with the licensing-support business. The change makes it harder to track performance of the cloud business.

In the most recent quarter, Oracle reported a combined $7.94 billion cloud and license revenue, just shy of analysts' projections of roughly $8 billion.

This month, the company added to its board Vishal Sikka, founder and chief executive of artificial-intelligence company Vianai Systems and a SAP SE and Infosys Ltd. veteran, highlighting Mr. Sikka's experience in AI and machine learning.

At its annual OpenWorld conference in September, Ms. Catz said the company expects this to be "a killer year," with revenue growth picking up this year and next.

Shares, which have been trading near record levels in recent months, closed Thursday at $56.47 and fell 3% in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

December 12, 2019 17:46 ET (22:46 GMT)

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