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Oracle forecasts fourth-quarter growth
- USA: Thursday, March 21 - 2013 at 04:48
Oracle Corp has forecast a return to growth in new software sales this quarter, after blaming its rapidly expanding sales force for a severe miss in third-quarter revenue, Reuters has reported. The world's third-largest software maker projected a 1 to 11% rise in new software licences and internet-based subscriptions in the May quarter, following a 2% fall in the February quarter. "What we really saw was the lack of urgency we sometimes see in the sales force, as Q3 deals fall into Q4," said Oracle's chief financial officer, Safra Catz. "Since we've been adding literally thousands of new sales reps around the world, the problem was largely sales execution, especially with the new reps as they ran out of runway in Q3."
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