By Heather McLean, 2 May 2002 12:25
NEWS Oracle shares hit their lowest point since 1999 yesterday as yet another executive left the company and a Lehman Brothers' analyst slashed forecasts for the database giant's next financial year. Shares in the software company fell six per cent yesterday when Neil Herman, a Lehman Brothers analyst, said he did not expect Oracle to make forecasts for its fourth quarter results due out 31 May or the following financial year. Shares closed at $9.45, a drop of 59 cents, bringing the company's stock down by 34 per cent this year which has lost shareholders around $26bn. Sebastian Gunningham, a senior sales executive at Oracle, is the latest in a long line of senior resignations over recent months. Herman stated he now expects fourth quarter licence revenue to drop by 39 per cent from the same period last year, instead of his previous estimate of a 28 per cent drop. Profits for the quarter would not reach Herman's first estimate of 13 cents on revenue of $2.75bn he said, stating new earnings estimates of 11 cents on total revenue of $2.57bn.
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