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Oracle Quarterly Profit Spikes 78 Percent

REDWOOD SHORES (AP) — Oracle Corp. reported Thursday its net income rose 78 percent in the most recent quarter. The database software maker was helped by a rise in new software license sales.

Net income for the quarter that ended on Feb. 28 increased to $2.1 billion, or 41 cents per share, from $1.2 billion, or 23 cents per share a year earlier.

Excluding items, Oracle earned 54 cents per share. Analysts surveyed by FactSet forecast earnings of 50 cents per share.

Revenue jumped 37 percent to $8.8 billion from $6.4 billion, more than the $8.7 billion analysts predicted.

Oracle said new software license sales increased almost 30 percent, above its own forecast.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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