Oracle Corp posted quarterly revenue slightly above Wall Street expectations, defying a weak outlook for global technology spending.

Oracle, which competes with SAP in selling software to corporations and public agencies, reported revenue of $8.4 billion in the fiscal first quarter ended August, just a touch ahead of Wall Street's target of $8.35 billion.

The outlook for worldwide technology spending has darkened after warnings by bellwether technology vendors from Dell Inc to Cisco Systems Inc. Governments are scaling back purchases to reduce deficits while corporations are tightening budgets to cope with a worsening economic picture.

Shares in the world's No. 3 software maker rose 1 percent in extended trading, after closing down 2 percent at $28.35 on Nasdaq.

(Reporting by Sinead Carew in New York and Edwin Chan in Los Angeles; Editing by Richard Chang)

Oracle