Oracle Shares Higher After Better-than-expected Earnings

Oracle Corp. shares rose late Tuesday after the software company reported better-than-expected earnings and said results would be even better if not for a stronger U.S. dollar. Oracle reported an adjusted net income of $2.7 billion in the third quarter, or 64 cents a share, compared with 68 cents a share in the third quarter of 2015. Without the stronger greenback, earnings would have been 4 cents higher, Oracle said. Revenue reached $9 billion in the quarter, down from $9.33 billion in the year-ago period. Analysts polled by FactSet had expected adjusted earnings of 62 cents a share on sales of $9.13 billion for the company. Oracle also said its board of directors has authorized a share buyback of up to an additional $10 billion. Shares of Oracle rose 2.9% in late trading Tuesday after ending the regular session up 0.1%.