Oracle blames salesforce for weak sales

City A.M. Reporter
ORACLE yesterday blamed its rapidly expanding salesforce for a severe miss in third-quarter revenue that drove its shares eight per cent lower yesterday.

The world’s third-largest software maker projected a one to 11 per cent rise in new software licenses and Internet-based subscriptions in the May quarter, following a two per cent slip in the February quarter that badly missed Wall Street’s forecasts.

Oracle posted a two per cent drop in new software sales and Internet-based software subscriptions to $2.3bn in its fiscal third quarter. The company had forecast a three to 13 per cent jump in new software license and cloud subscription revenue.

Overall, Oracle’s revenue dipped one per cent to $9bn, missing the $9.382bn average analysts forecast.