Oracle braces itself for joining the troubled tech ranks

NEWS At the beginning of the month Oracle predicted turnover will reach only $3.8bn in the third quarter - two per cent down on analysts expectations. The company faces a daunting challenge as it enters the quarter historically known to harvest the richest contracts. Oracle has previously relied upon the revenue from large projects closed in the coming quarter to carry its end-of-year results. Cracks are starting to appear in Oracle's previous solid applications business. Oracle warned that revenue growth will only grow by 50 per cent instead of the predicted 75 per cent. Larry Ellison, CEO at Oracle blamed the poor results on the current volatile economic climate. He said it is causing Oracle customers to think twice before signing off budgets for large contracts. Shares in Oracle over 4 per cent on the news.