SAN FRANCISCO (Reuters) - Business software maker Oracle Corp. (ORCL) posted an increased quarterly profit on Tuesday, helped by sales of new licenses for applications that drove revenue higher.
Net income for the fiscal first quarter rose to $670 million, or 13 cents per share, from $519 million, or 10 cents per share, a year ago. Revenue rose to $3.59 billion from $2.77 billion.
Excluding items, the company said it posted a per-share profit of 18 cents. Analysts on average were expecting the world's biggest database software maker to post a per-share profit before items of 16 cents on revenue of $3.47 billion, according to Reuters Estimates.
The results come as investors are beginning to embrace the company's decision to spend some $20 billion over the past three years to push into the market for business applications as its core database software market matures.
Oracle shares have gained about 18 percent since June 15 when it first told investors of stronger-than-expected software license revenue for the fiscal fourth quarter. At the same time shares in its major rival, Germany's SAP AG, have fallen about 5 percent.
NEW YORK (Reuters) - Circuit City Stores Inc. (CC), the No. 2 U.S. consumer electronics chain, Wednesday reported higher-than-expected quarterly profit helped by strong sales of flat-panel televisions and laptop computers.
The retailer also ratcheted up the lower end of its fiscal year sales growth forecast to a range of 9 percent to 11 percent, up from 7 percent to 11 percent.
Circuit City said net income for the second-quarter ended Aug. 31 rose to $10 million, or 6 cents per share, from $1.35 million, or 1 cent per share, a year ago.
Excluding discontinued operations, the company posted a profit of 7 cents a share, compared with the average Wall Street estimate of 5 cents a share, as compiled by Reuters Estimates.
Revenue rose 11 percent to $2.84 billion, beating analyst expectations of $2.82 billion.
Consumer electronics retailers have been raking in hefty profits as consumers rush to buy the latest high-priced electronic gadgets, like flat-panel televisions, MP3 music players and computers.
The strong results from Circuit City come a week after Best Buy Co Inc. (BBY) posted a 22 percent jump in second-quarter earnings and said demand for flat-panel TVs remains robust, easing worries that investors would pull back on spending in the face of a slowing housing market.
Since Best Buy's results, Circuit City shares have gained 11 percent, while Best Buy is up almost 20 percent.