Oracle to switch listing to NYSE from Nasdaq as sales disappoint

 
City A.M. Reporter
ORACLE missed expectations for software sales and subscriptions for the second straight quarter yesterday, sending its shares plunging as investors worried CEO Larry Ellison may have trouble getting the technology giant back on track.

Oracle executives forecast new software sales and subscriptions will rise zero per cent to eight per cent this quarter, blaming weakness in the past quarter on disappointing sales in Asia and Latin America.

Oracle also said it plans to move its stock listing to the New York Stock Exchange in July from the Nasdaq, a major win for the older bourse.

Executives said the move was in shareholders’ best interests, without elaborating. Oracle also said it would double its quarterly dividend to 12 cents a share.

Overall, Oracle’s revenue stood unchanged at $10.9bn (£7bn) in the period, the company’s fourth quarter, ended 31 May, missing the $11.122bn analysts had expected. Revenue from new software sales and Internet-based software subscriptions rose one per cent to $4bn, again missing forecasts. Shares fell eight per cent in after hours trading to $30.46.