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Preparing for a poorer second fiscal quarter than industry expections, Oracle CEO revises earnings estimates at Comdex.
Speaking at the Comdex trade show in Las Vegas yesterday, Larry Ellison, CEO of software giant Oracle Corp., (NASDAQ:ORCL) gave a cautious outlook for the company's Q2 results.
During the keynote address, Ellison said that due to the difficult economic climate since Sept. 11, results would fall short of Wall Street's estimates for the fiscal second quarter.
He expects earnings to more likely be at 9 or 10 cents per share, missing analysts' earnings expectations of 11 cents per share for the three months ending November 30.
Goldman Sachs had no comment on the expected revenues, but believed the announcement could set a negative tone for Oracle's stock price appoaching the last few weeks of the November quarter.
However, the analyst firm says that many investors are already expecting results to be light after Oracle's CFO Jeff Henley said estimates might need to be adjusted when he reported that license revenues could be down 20 percent for the current quarter, when he visited with investors in New York recently.
You can read more about Oracle ERP here.
This article was originally published on November 13, 2001
