Oracle reported stronger-than-expected quarterly results on Monday as sales of new software licenses jumped. It also announced an extra $10 billion in share buybacks.
The company reported results much before schedule after news of the pending departure of a senior sales executive Keith Block fueled concerns that business was stagnating.
"Oracle's results, in our opinion, support our independently derived view that IT buyers are not panicking and they are not slashing budgets - this includes deservedly maligned Europe," Canaccord Genuity analyst Richard Davis said.
Oracle, whose chief rivals are Hewlett-Packard Co, Microsoft Corp and International Business Machines Corp, said new software sales growth in the current quarter should be flat to 10 percent higher, despite fears of further weakening in technology spending.
Source: Reuters
