Dow Jones Newswires: Oracle Corp. Japan shares fall sharply after Q1 net profit slumps
Oracle Corp. Japan’s 4716,
The shares were recently 4.0% lower at 7,680 yen after falling as much as 5.3% earlier.
The Japanese unit of U.S. software company Oracle Corp. ORCL,
While revenue rose 1.3% to Y51.02 billion, the cost of goods sold increased 3.3% due to higher royalty payments and outsourcing expenses. Selling, general and administrative expenses also climbed 7.4%, owing partly to the higher cost of labor.
The company kept its forecasts for revenue and earnings per share for the fiscal year ending May 2023. It continues to expect revenue to rise 1.0%-4.0% and earnings per share to be at Y400-Y410.
The Topix subindex for information technology companies was recently 0.9% lower, while the Nikkei Stock Average NIK,