Oracle Profit Dips; Sales Stay Weak

Oracle Corp., the world’s second-biggest software maker, said Thursday its fiscal third-quarter net earnings fell from a year ago, and that the tech spending environment remains weak.

The Redwood City, Calif., firm posted net income of $508 million, or 9 cents a share in the quarter ended Feb. 28, compared with $583 million, or 10 cents, in the year-ago quarter.

Sales dropped to $2.2 billion from $2.7 billion a year earlier.

The results were in line with expectations the firm revised March 1, when it warned that weak sales in Asia would depress results.

Oracle also said earnings in the current quarter will be 1 to 2 cents short of the 15 cents a share earned a year earlier.

“It’s very sluggish and doesn’t seem yet to be showing signs of recovery,” Oracle Chief Financial Officer Jeff Henley said in reference to tech spending.

The report was released after regular stock trading ended. Oracle shares fell 45 cents to $13.44 on Nasdaq, then dipped to $13.17 in after-hours trading.