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Oracle results send shares upwards
First fall in profits ever, but it was still better than expected...

By Kate Hanaghan

Published: Wednesday 19 June 2002

Oracle is reaping the rewards of its cost cutting efforts with fourth quarter revenues exceeding analysts' lowered expectations.

For the period ended 31 May net profit fell 23 per cent to $655.9m - the first drop in the company's history. In the equivalent quarter last year the figure was $854.9m.

Revenue for the quarter was also down from $3.3bn last year to $2.77bn for the same period this year.

Despite this, Oracle still hit targets set by Wall Street analysts. By mid-morning New York time, the company's share value had crept into the green by 0.19 per cent.