By Joey Gardiner, 19 October 2001 17:40
NEWS Shares in ERP vendor Peoplesoft shot up seven per cent on opening after reporting strong results, showing profit doubling from the same period last year and revenue up 15 per cent. Defying the weakening market, Peoplesoft comfortably beat analysts' expectations with strong sales of its flagship Peoplesoft 8 software to new and existing customers. It reported profits of $50m on revenues of $509m for the third quarter, compared to a profit of just $23m on revenues of $443m in the equivalent quarter last year. In a statement CEO Craig Conway said Peoplesoft had managed to perform well in " extraordinarily challenging" conditions because of the strength of its software and its focus on business execution.
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