BusinessCompany NewsPeopleSoft blames poor results on Oracle

PeopleSoft blames poor results on Oracle

PeopleSoft has blamed Oracle 'disruption' for what will be poorer than expected financial results for its April-June financial quarter.

Link: PeopleSoft slams main rivals

‘We believe that evidence submitted in the United States of America v. Oracle trial clearly displayed Oracle’s intent to disrupt our business and damage PeopleSoft,’ said Craig Conway, chief executive and president of PeopleSoft, in a statement.

‘We believe the adverse impact to our business has been substantial, with even greater impact this past month. We look forward to returning to normal business soon and recovering these damages,’ he added. A ruling on the trial – in which US Department of Justice is seeking to block Oracle’s $7.7bn hostile takeover bid for PeopleSoft – isn’t expected until mid-August.

PeopleSoft expects to report total revenues between $655m and $665m with license revenue in the range of $129m to $133m for the quarter.

‘Although we have been able to meet or exceed our financial projections since Oracle launched their hostile tender offer more than a year ago, the extensive publicity of the antitrust trial during the last month of our quarter was impossible to completely overcome,’ said Conway.

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