Oracle Corp. one of the world’s largest software makers, reported net income of $3.189 billion, or $1.16 per share, for the March-May period ( fourth quarter of fiscal 2022 ), compared with $4.033 billion, or $1.37 per share, for the comparable period a year earlier. The figure was therefore down 21%.

Adjusted earnings remained at $1.54 per share, the U.S.-based company said in a press release.

Revenue increased 5% to $11.84 billion from $11.227 billion a year earlier.

Analysts surveyed by FactSet had on average forecast adjusted earnings of $1.37 on revenue of $11.2 billion.

Revenue in Oracle’s cloud services and license support division, Oracle’s largest, rose 3% to $7.612 billion in the last fiscal quarter, with license revenue (cloud and on-premises PC) up 18% to $2.539 billion.

Hardware revenue decreased 3% to $856 million, while services revenue increased 3% to $833 million.

The company did not give a forecast for the current fiscal quarter. But Chief Executive Officer Safra Catz said on a conference call with investors that the company expects earnings in the range of $1.09 to $1.13 per share.

Analysts forecast it to be in the neighborhood of $1.13 per share.

Quotes of shares of Oracle at the end of additional trading on Monday soared by 15%. Since the beginning of the year, the company’s capitalization decreased by 26.6% (to $ 179.1 billion), while the stock index Standard & Poor’s 500 lost 21.3%.