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Oracle sees solid growth for its fourth quarter

The enterprise software maker reports revenue of $7.24 billion, boosted by a strong performance in software licensing.

Software licensing drove a healthy increase in revenue for Oracle during its fourth quarter.

For the quarter, which ended May 31, the enterprise software giant reported revenue of $7.24 billion, up 24 percent from the same period a year earlier. During that three-month period, revenue from new software licenses rose 27 percent to $3.14 billion, and revenue from software license updates and product support rose 25 percent to $2.83 billion.

Revenue from services also was on the increase, though not by quite as much. It was up 18 percent, to $1.26 billion.

Oracle said that its net income for May quarter was $2.04 billion, or 39 cents per diluted share, a jump of 27 percent.

In April, Oracle completed its $6.7 billion acquisition of BEA Systems.

In May, Forbes reported that Oracle CEO Larry Ellison was the best-remunerated executive in the tech sector--and overall--with a total 2007 compensation package valued at $192.9 million.