Oracle drops 8pc after Q3 miss

Oracle blamed its rapidly expanding salesforce for a severe miss in third-quarter software sales and warned that its ailing hardware business will lose more ground this quarter, driving its shares 8 per cent lower.

The world’s No. 3 software maker projected a 1 to 11 per cent rise in new software licenses and Internet-based subscriptions in the May quarter - an indicator of future performance. But investors focused on a 2 per cent slip in the February quarter that badly missed Wall Street’s targets.

via Business feed http://www.scmp.com/business/companies/article/1196089/oracle-drops-8pc-after-q3-miss