Happier times for IBM and MSFT shareholders
The results were a relief for many investors after Oracle Corp. reported weaker-than-anticipated earnings last month, fueling speculation that businesses were holding off on technology spending, said Brendan Barnicle, an analyst at Pacific Crest Securities in Portland.
“The results of these three companies suggest that was an Oracle-specific event,” Barnicle said.
The positive outlook also contrasted with the earnings of Google Inc., which delivered its report yesterday. The Mountain View, California-based company missed analysts’ sales and profit estimates, dragged down by the European crisis and a push into mobile technology, which yields lower ad revenue. Google shares tumbled as much as 10 percent in late trading and were down as much as 9.1 percent in German trading today.