Software giant Oracle reported first-quarter revenue down five percent year on year to US$5.1 billion, but net income up four percent to US$1.1 billion. New software licence revenue – a key indicator of future growth for software firms due to the ongoing fees that will be generated in subsequent years – was down 17 percent to US$1 billion.Oracle blamed part of the decline on currency differences, and in particular falling values of overseas currencies.The company’s president, Charles Phillips, said the results should be judged in comparison with Oracle’s biggest rivals.“We grew faster than SAP in every region around the world, including Europe, where our applications business grew three per cent in constant currency versus negative 39 per cent for SAP’s most recent quarter,” said Phillips.“Our applications team also executed especially well in North America, where our applications business grew eight per cent in constant currency versus negative 50 percent for SAP.”
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