HispanicBusiness

Silicon Valley technology giant Oracle announced fiscal third-quarter profits Wednesday of $2.5 billion, or 52 cents a share, compared with $2.5 billion, or 49 cents, a year earlier.

Revenue was down 1 per cent to $8.97 billion in the quarter, which ended in February.

The company is being stymied by corporate customers' switching to Internet-based cloud systems, making them less reliant on Oracle's servers, databases and related products.

New software licenses and cloud software subscription revenues - closely watched indicators of future revenue - were down 1.8 percent, but software license updates and product support revenues were up 7 percent, the company said.

Hardware revenue - including servers and storage gained in the acquisition of Sun Microsystems - declined 23 percent to $671 million.