The shares of Oracle Corp. saw a drop during the late trading on Thursday as the software company has struggled to increase its revenues.
The company which is considered a giant when it comes to the software world was able to put up results which were better than expectations for the second fiscal round however it has come up short on the revenues where it has been struggling for many years. The revenue increase year on year was 0.4% this is the sixth quarter in a row where the sales have seen a decline or the growth has been in the region which is below 0.5% from the previous year.
Safra Catz who is the Chief Executive has said that the revenue in the present quarter is expected to see a growth of 1% to about 3% however only when the effects of currency fluctuation is removed. Catz had given a similar forecast in the previous quarter for this quarter that has been reported on Thursday.
This was the first time the results were announced by Catz after the death of the co-CEO Mark Hurd who had passed away in the month of October post taking a medical absence for a month prior to that. After his death, Larry Ellison who is the founder and the Chairman said that they were not going to seek a replacement for Hurd and would be leaving Catz as their only CEO.
Ellison said that they have all the confidence in their existing team and they will be doing whole lot of recruitment as there will be many announcements regarding the potential CEOs when both Larry and Catz end up retiring which is still a long time away as per him.