Oracle customers delay purchase of new software

Oracle has said that corporate customers have delayed investing in new software owing to the turmoil in the financial markets, which led to revenue growth lower than expected, according to a Financial Times report.

The company reported £2.6bn in revenues, which was a 21% increase compared with the same period last year in its financial results announcement for the third quarter of 2008.

Operating income was up 35% to £1bn and net income was up 30% to £646m. Total GAAP software revenues were up 21% to £2.1bn with new software licence revenues

Quoted in the Financial Times, Safra Catz, Oracle's co-president said customers were more cautious in the light of what is happening in the financial markets. "We just saw a few things get delayed a little bit." Some customers added "a second level of approval" before signing off on purchases, slowing buying decisions, she said.