Oracle blames strong dollar for profit slump


Oracle blames strong dollar for profit slump

Karl Flinders

Oracle has reported a fall in its profit for the first time in four years in its latest financial quarter. The supplier's profits have been hit by the dollars rising value compared to other currencies.

The application software firm increased its turnover by 6% but its profit dropped 1% in the quarter to $1.3bn.

Oracle said if the US dollar had not strengthened compared to foreign currencies, Oracle's reported Q2 profit would have been up 11%.

The company said it has had success with its on-demand software and has sold database hardware for the first time.

"We signed our largest on-demand sales force automation contract this quarter," said Oracle CEO, Larry Ellison.

"This was just one of several recent wins over We also sold our first database machine, launching an all new and important business for Oracle."

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