Oracle didn't exactly stick it to Wall Street, but the world's No. 2 software maker did manage to post a quarterly profit above what analysts were expecting, eWeek reports. Not by a wide margin, mind you, but still 3 cents higher than the average Wall Street forecast of 36 cents per share.
The better-than-expected performance can be attributed to an unexpected increase in sales of new software licenses, which rose 2 percent from a year earlier in the second quarter ended Nov. 30. And it was just 3 months ago that Oracle said sales would probably be down 10 percent, or at best, fall flat.
Oracle wasn't the only one with reason to celebrate. The company's numbers has analysts and other vendors optimistic that technology spending is on the rebound after suffering through a rough year. Because of its size, Oracle reports earnings a month before most of its peers.