Shares of Oracle Corp. (
ORCL) jumped more than 12%, a day after the software giant reported quarterly earnings that topped market expectations and said it would pay its first-ever dividend.
In the third quarter, ended Feb. 28, the Redwood City, California-based company earned 34 cents per share, excluding special items, which beat the consensus estimate of 31 cents.
Chief Executive Larry Ellison said the quarterly results were a "tremendous achievement in the face of the serious slowdown in the world economy."
However, the real surprise for investors was the announcement that Oracle would pay a quarterly dividend of 5 cents a share for the first time since it went public in March 1986.
While most companies have slashed their payouts to shore up cash in a deepening recession, Oracle's performance reinstated shareholder confidence in the company's resilience to the recession.
Oracle stock, which has shed 10% in the
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