The company's net income increased 28% to $2bn in Q1
Oracle has reported 2% decline in its revenues to $8.2bn in first quarter (Q1) of fiscal 2013, when compared to $8.3bn for the same period last year.
The company said if the US dollar has not strengthened compared to foreign currencies, revenues would have seen a 3% rise.
Net income of the firm increased 28% during the period to $2bn, or $0.41 diluted earnings per share, when compared to $1.84bn, or $0.36 diluted earnings per share, it lost during the same period the earlier year.
The company's hardware systems products revenue declined 24% to $779m for the quarter while new software license sales and cloud subscription revenues rose 5% to $1.6bn.
Oracle entered the hardware business in 2010 when it acquired Sun Microsystems for $7.4bn.
Speaking to CBR in June this year, Oracle president Mark Hurd, said the company is still expecting big things from its hardware division.
Revenue in the Americas region increased 2.3% to $4.3bn for the quarter while revenue in Asia rose 2.1% to $1.5bn.
Hurd said that Exadata, Exalogic, Exalytics and the company's other engineered systems grew more than 100% in the quarter.
"For the full year, we expect to double engineered systems sales to well over $1bn," Hurd said.
"Oracle's new cloud business is also approaching a $1bn annual run rate. These two businesses will drive Oracle's growth for years to come."
Recently, Oracle had agreed to acquire social talent applications vendor SelectMinds which uses social media tools to help recruiters.
In July 2012, Oracle had acquired privately owned Xsigo Systems, a provider of network virtualisation technology for an undisclosed sum.