The American multinational computer technology corporation Oracle said it has announced its plans to buy back additional $10 billion in stock.
The shares of Oracle have gained ground on what had been a losing day of trading on the Nasdaq post the early release of its quarterly earnings report along with the board of directors having approved the share buy-back scheme.
California-based company said its net income in the fourth fiscal quarter surged 8% to $3.5 billion on revenue that rose a percent to $10.9 billion.
Safra Catz, Chief Financial Officer said, “Our record-breaking fourth quarter featured several all-time highs for Oracle.” The high points for the quarter includes software license sales of $4 billion and the overall software revenue of $8 billion.
The board also authorized the repurchase of another $10 billion worth of Oracle stock. It has also declared a quarterly dividend of six cents per share.
The stock price of Oracle slipped more than 2% during the trading day due to the unconfirmed reports of a management shake-up in the works.
The stock of Oracle was lifted more than 3% to $27.98 in after-market trading that followed the release of the earnings figures.
Oracle Corporation is an American multinational computer technology company. It specializes in developing marketing computer hardware systems and enterprise software products namely database management systems. By 2007, Oracle has the third-largest software revenue after IBM and Microsoft.