Oracle Takes a Hard Beating, Sales and Profit Slide Down

Oracle Takes a Hard Beating, Sales and Profit Slide Down

Oracle has announced a significant drop in its sales and profit over the last financial quarter. The company recorded a revenue of $6.9 billion (£4.2billion), a five percent fall from the same period last year. Meanwhile, Oracle's net income accounted to only $1.9 billion, a seven percent drop from the fourth quarter of 2008.
 

According to Oracle preside Safra Catz, the firm was extremely stirred by exchange rates. 

 

“Adjusted for the substantial movement in the US dollar exchange rate this fiscal year, which is beyond our control, we grew non-GAAP earnings per share by 19 per cent for the year," Catz said.

 

“That’s an amazing achievement given what has been happening in the global economy over the past 12 months," he added.

 

Oracle is currently working on a new deal with Sun Microsystems, acquiring $7.4 billion worth of hardware.