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Wednesday March 23, 08:07
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Oracle’s 3Q profit sank, but company is satisfied with the performance
(by Olivia Cohen)
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Oracle, the second-largest software company on the globe, reported that its third-quarter profit declined on its $10.3 billion takeover of PeopleSoft.
Still, the company’s executives are satisfied with the third-quarter performance as its revenue rose 18%, far higher than it was estimated by Wall Street. "We are beyond satisfied. We are thrilled with how it is going," said Safra Catz, a co-president of Oracle and its chief financial officer.
Oracle’s net income was reported $540 million, or 10 cents a share, for the third quarter ended Feb. 28, 2 cents down from the same period in 2004.
Its revenue from new software lisense fees rose to $947 million in the quarter from $847 million a year ago, after its database business boosted.
The company’s revenue amounted to $2.95 billion in the quarter ended February 28 showing an 18% increase from $2.51 billion in the same quarter last year.
"They’re going to have to show better numbers from their applications business to convince us that PeopleSoft was a good idea," said Tad Piper, an analyst with Piper Jaffray.
The restructuring of purchased PeopleSoft is expected to be completed within the next six months, the company said.
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