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.