Oracle Promised Stable GrowthAdded: Friday, January 4th, 2013
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The company predicted that its software sales will be growing during the new year. Although the rest of the country is worried that there might be huge tax hikes and American government spending cuts which could cause the tech giant’s customers to stop buying, Oracle doesn’t seem too anxious.
The company’s President Safra Catz announced that businesses were still looking to spend money already allocated to 2012 technology budgets, and the last quarter’s results were above what the financial observers expected. Oracle assured that its customers were keen to close deals and there was no negative impact on pricing.
The company promised that software sales would grow 3% to 13% next quarter. At the same time, it expected fiscal 3rd-quarter hardware products sales to be flat to down 10% from 2011.
According to statistics, software sales and cloud software subscriptions increased 17% from 2011 to $2.4 billion. Oracle had predicted that new software sales would rise 5% to 15% from 2011. Media reported that the company posted a 2nd-quarter profit, excluding items, of $0.64 per share, which beats the average analyst forecast of $0.61.
Oracle admits that its customers are still spending on software and none of the fiscal cliff negotiations in Washington was bothering them. However, the company’s troubled hardware division, acquired with Oracle’s $5.6 billion purchase of Sun Microsystems three years ago, is still not doing that well. In fact, the division’s profits have fallen every quarter and now sales fell 23% from 2011 to $734 million. The company expected that hardware sales would decrease between 8% and 18%. Still, Chief Executive Larry Ellison believes that hardware systems revenue will begin growing in the 4th quarter (which starts 1 March).
January 4th,2013Posted by:
Friday, January 4th, 2013
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