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Oracle software sales miss target

Oracle Corp's quarterly software sales came in sharply below expectations, dashing hopes that corporate technology spending is rebounding and sending its shares down 2.7%.

New license sales at the world's No. 3 software maker fell 17%, steeper than the 4% to 14%decline that Oracle forecast three months ago.

Oracle's disappointing results released on Wednesday came on the heels of positive outlooks for the industry from No. 1 chipmaker Intel Corp and other technology leaders.

Analysts and technology executives had hoped that corporate spending, which all but collapsed during the downturn of the past year, was on the mend. (Reuters)