Oracle profits increase

ORACLE HAS REPORTED a 28 per cent increase in profits for the most recent quarter.

The Redwood City software giant earned an impressive $1.1 billion in net income from strong sales and maintenance contracts for its database and middleware products.

The company also recorded revenue of $5.3 billion for the three months ending August 31, which is the first quarter of its 2009 fiscal year.

CFO Safra Katz attributed Oracle's success to impressive momentum and a broad product line. "If a customer is buying, they're much more likely to buy from us ", explained Catz.

After consulting her crystal ball, the chief financial prophetess predicted a 12 to 15 per cent increase in sales for the current period.

Unsurprisingly, CEO Larry Ellison linked Oracle's stable position to maintenance contracts and license renewals, which reportedly account for more than half of the company's revenues.

Oracle's stock closed Thursday at $18.75 but rose more than 6 per cent during after-hours trading. µ

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