Oracle Q3 net income rises 18%

Software major Oracle Corp has reported an 18 per cent growth in net income to $2.5 billion in the three months period ended February 29, 2012, driven by new licence sales. Orcale's strong quarterly performance was driven by sales of new licence revenue, a key measure of software growth. Although, the company offset the weakness in hardware business. The entity had a net income of $2.11 billion in the year-ago period, Oracle Corp said in a statement. The company's total revenues were up three per cent from the corresponding period last year to $9 billion during the third quarter ended February 29, 2012.