Green shoot watchers received a fillip in the form of better than expected results from Oracle with the vendor commenting that there had not been a catastrophic drop in software sales.
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Although Oracle has been consistently producing solid results the expectation among some analysts was that the recession would catch up with the numbers.
But in its fourth quarter showed only a 5% drop in GAAP revenues to $6.9bn with net income dropping 7% to $1.9bn. New software licences were down 13% at $2.7bn but updates and support rose by 8% to $3.1bn.
A similar picture was painted for the full fiscal year with new licenses dipping by 5% but the updates and support business increasing by 14%.
Charles Phillips, president of Oracle, said that it had taken share from SAP in every region.
"In Europe our applications business grew 5% in constant currency versus negative 27% growth for SAP in its most recent quarter. Historically Europe has been a SAP stronghold, but these results prove that we can compete," he stated.