Oracle Corp. (NYSE: ORCL) reported first-quarter fiscal 2014 results after markets closed Wednesday. The software and server company reported adjusted earnings per share (EPS) of $0.59 on revenue of $8.4 billion. In the same period a year ago, the company reported adjusted EPS of $0.53 on revenue of $8.21 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.56 and $8.48 billion in revenue.

New software licenses and cloud software subscription services revenues rose 4% to $1.7 billion year-over-year, while software license updates and product support revenues rose 7% to $4.4 billion. Hardware sales and support revenues fell 7% to $1.26 billion. Services revenues fell 8%, to $1.03 billion.

On a non-GAAP basis, operating income was up 4% to $3.7 billion and flat at $2.9 billion on a GAAP basis. Without the impact of currency exchanges, adjusted EPS would have been 14% higher and total revenues would have been 4% higher.

Oracle did not provide any guidance in its earnings announcement, but is likely to do so on its conference call later today. The consensus second-quarter estimates from Thomson Reuters call for adjusted EPS of $0.69 on revenues of $9.41 billion.

As a percentage of total revenues hardware sales fell 14%. This continues the lackluster performance in the company’s hardware business which Oracle acquired with the purchase of Sun Microsystems. Hardware sales totaled just $669 million. One has to believe that if Oracle could locate a buyer for its hardware products the company would sell in a heartbeat.

Shares are trading up about 1% in the after-hours market on Wednesday at $34.11 in a 52-week range of $29.52 to $36.43.

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