(MENAFN) Oracle Corp. announced that its earnings for the third quarter were unchanged from the same period a year before, at USD2.5 billion, missing forecasts, reported AP.
The company, one of the largest business software makers in the world, attributed the flat earnings to a decline in sales of hardware systems and new software.
The Redwood City, California-based firm added that revenue in the December-February period dropped 1 percent to USD8.96 billion, compared with USD9.04 billion a year earlier, partially affected by the stronger dollar.
Meanwhile, revenue from new software licenses and online or "cloud" subscriptions, slipped 2 percent, reaching USD2.3 billion, while sales of hardware systems products plummeted 23 percent.
It is worth noting that as Oracle also relies on overseas markets for a major part of its revenue; deteriorating economic growth in Europe and sluggish expansion in China have contributed to the company's weak performance in the quarter.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.