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Oracle Expects Flat Sales on Fewer Corporate Software Deals

  • Company says hospitality, retail clients hit hard by pandemic
  • Economic downturn may last several quarters, analyst says
Oracle headquarters stands in Redwood City, California.
Oracle headquarters stands in Redwood City, California.Photographer: David Paul Morris/Bloomberg
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Oracle Corp. projected stagnant revenue in the current quarter, signaling the company may not see a revival of new license sales after clients in the hospitality and retail industries delayed software purchases amid the coronavirus pandemic.

Sales will be in a range of a 1% gain to a 1% decline year-over-year in the period ending in August, Chief Executive Officer Safra Catz said Tuesday in a conference call. The midpoint of no revenue growth matched analysts’ estimates, according to data compiled by Bloomberg. Excluding some items, profit will be 84 cents to 88 cents a share, with the midpoint again in line with analysts’ projections.