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Oracle earnings disappoint
Dec 20, 2011, 23:45 GMT
San Francisco - Oracle posted a 2-per-cent increase in its second-quarter revenues, but the 8.8 billion dollars in sales by the world's third largest software company was lower than expectations and sent Oracle shares sharply lower in after-hours trading.
Analysts had expected revenues of 9.23 billion dollars, but the company's hardware sales dropped 14 per cent compared to the year-ago quarter, wiping out the 9-per-cent rise in revenue from software licensing and product support.
Oracle, which is the world's largest seller of database programs, said its earnings were 54 cents a share, falling short of the 57-cents-a-share expected by analysts. Oracle shares were down more than 9 per cent in after-hours trading at 26.49 dollars.
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