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Announcing Q2 Results, Oracle Says Approval on Sun Acquisition is Expected


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Oracle Corporation announced fiscal 2010 Q2 results in the latter half of December and took the opportunity to mention that the company expects the European Commission to approve its acquisition of Sun this month. "We expect the European Commission to unconditionally clear the acquisition of Sun in January," noted Oracle president Safra Catz. "I want to thank all of our customers for the overwhelming support they have given us during this process."

For fiscal 2010 Q2, Oracle reported total revenues, new software license sales, operating margin, and operating cash flow were up.

The company had Q2 GAAP earnings per share of $0.29, up 15% compared to last year. Second quarter GAAP total revenues were up 4% to $5.9 billion, while quarterly GAAP net income was up 12% to $1.5 billion. GAAP new software license revenues were up 2% to $1.7 billion. GAAP software license updates and product support revenues were up 14% to $3.2 billion. GAAP operating income was up 10% to $2.2 billion and GAAP operating margin was up 200 basis points to 37%. GAAP operating cash flow on a trailing 12-month basis was $8.7 billion, up 7%.

Second quarter non-GAAP earnings per share were up 15% to $0.39. Non-GAAP total revenues were up 3% to $5.9 billion, while non-GAAP net income was up 12% to $2.0 billion, compared to the same quarter last year. Non-GAAP operating income was up 9% to $2.9 billion and non-GAAP operating margin was up 280 basis points to 49%.

"We delivered results which were substantially better than we expected on both the top and bottom line, growing non-GAAP operating margins by 280 basis points to 49%, the highest Q2 non-GAAP operating margin in our history," stated Oracle CFO Jeff Epstein, commenting on the results.

"For the fourth consecutive quarter, Oracle took market share from SAP in every region around the world," added Oracle president Charles Phillips. "In constant currency, our applications business grew 1% in the Americas and 2% in Asia Pacific versus a negative 35% and negative 34% respectively for SAP."

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