Oracle Reports Q4 27% Profit Jump

Oracle Corp. reports fiscal fourth-quarter net income rose 27% despite concerns about tech spending amid the weak U.S. economy.Oracle is seen as a bellwether of overall technology spending by businesses. For the quarter ended May 31, the software giant reported net income of $2.04 billion, up from $1.6 billion a year earlier. Revenue climbed 24% to $7.24 billion. New license sales, a closely watched indicator of corporate tech spending, rose by a similar 27%.