Oracle shares sink on grim sales figures

A dismal quarter from software giant Oracle dragged technology stocks down on Wednesday, but tech analysts say the sell-off is overdone.

Oracle's key sales metric, revenue from new software licenses, rose a measly 3% last quarter, compared to the 11% that Wall Street analysts had expected. Last year, new license sales increased 21% in the same quarter.

Shares of Oracle (ORCL, Fortune 500) sank 14% Wednesday on the news, dragging down the broader technology market with it. The Nasdaq Composite index, which is technology-heavy, fell 2% by mid-day.

Read Full Article from CNNMoney

- Posted: 2011-12-21 11:39:07

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