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Oracle says 3Q cloud & software sales got stronger
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REDWOOD CITY  (AP) — Shares of Oracle Corp. edged higher in aftermarket trading Tuesday after the company said its software and cloud businesses gained strength in its fiscal third quarter.

Oracle said its net income fell 3 percent to $2.5 billion, or 56 cents per share, in the quarter that ended on Feb. 28. That was down from $2.57 billion, or 56 cents a share, a year ago.

Excluding one-time items, Oracle said it earned 68 cents per share, matching Wall Street’s estimate, according to Zacks Investment Research.

Revenue was nearly unchanged at $9.33 billion, below Wall Street’s prediction of $9.45 billion.

The Redwood City, California-based company said the stronger U.S. dollar hurt its sales. A stronger dollar makes products more expensive overseas and dings the company when foreign revenue is translated back into the dollar.

Oracle said software and cloud revenue picked up, which countered a decline in hardware sales.

The company also raised its quarterly dividend to 15 cents from 12 cents. Oracle’s next dividend is payable April 28 to shareholders of record on April 7.

The company’s stock picked up 63 cents to $43.50 in aftermarket trading. Shares have dropped 4.7 percent in 2015 through the close of trading Tuesday, while the Standard & Poor’s 500 index has risen almost 1 percent.