Oracle Corp. beats projections with Q4 earnings

Oracle Corp. Tuesday announced fiscal fourth-quarter revenue of US$2.8 billion, beating analysts estimates.

In its announcement, the company reported fourth-quarter net income on a GAAP basis of $656 million, after a charge taken for an investment in San Carlos, Calif.-based Liberate Technologies.

Earlier this month, a survey of analysts had projected the company would report earnings of 12 cents per share on revenue of $2.6 billion for the quarter, according to Boston-based First Call/Thomson Financial.

The company today reported revenue for the full fiscal year of 2002 of $9.7 billion, down from $11 billion in fiscal 2001.

"The true test of a management team is how well it performs in tough times," Jeff Henley, Oracle's chief financial officer, said in a statement. "During the worst technology recession I've seen in more than 20 years, Oracle's operating income margins increased to record levels and our operating income declined only 6% this fiscal year. This management team proved it can preserve profits even when times are tough."

Oracle reported third-quarter revenue of $2.2 billion, down from $2.6 billion a year earlier. The company had net income of $508 million during that quarter, which ended Feb. 28, down from $582 million in the third quarter of 2001.

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