Oracle Corp.'s shares were down more than 3% in after-hours trading March 14 after the computer technology company's revenue slipped 1% year over year in the third fiscal quarter, though it beat normalized earnings and non-GAAP revenue expectations.
Oracle's non-GAAP EPS rose 8% year over year to 87 U.S. cents in the three months ended Feb. 28, compared to the S&P Global Market Intelligence normalized EPS estimate of 84 cents.
GAAP net income totaled $2.75 billion, or 76 cents per share, in the quarter, compared to a loss of $4.05 billion, or 98 cents per share, in the year-earlier period. GAAP revenue slipped to $9.61 billion from $9.68 billion over the period. Non-GAAP revenue came in at $9.62 billion, down 1%, but up from the consensus estimate of $9.59 billion.
GAAP revenues fell 8% year over year from the hardware business and fell 4% from cloud license and on-premise license.
GAAP operating income was up 3% to $3.40 billion from $3.32 billion, while non-GAAP operating income amounted to $4.28 billion, up from $4.19 billion in the third fiscal quarter of 2018.
Meanwhile, Oracle's board declared a quarterly cash dividend of 24 cents per share, a 26% increase over the current quarterly dividend of 19 cents. The increased dividend will be paid April 25 to stockholders of record as of the close of business April 11.