Oracle profits up 20 percent in latest quarter

Last week Oracle announced former Hewlett-Packard chief executive Mark Hurd would be joining Catz as co-president of the company, prompting HP to sue Hurd, claiming he breached his severance agreement. 

Before resigning from HP over alleged improprieties concerning his expense account, Hurd was considered one of the most capable chief executives in the technology industry and credited with restoring HP's fortunes following the departure of former CEO Carly Fiorina. In a statement issued Thursday he echoed the optimism about the company's future and touted investments in research.

“We will invest over $4 billion in research and development this year, so our already robust product portfolio is only going to get stronger,” Hurd said.

Oracle shares were up almost three percent in after-hours trading following the announcement.