Ronna Abramson
PeopleSoft's Earnings Beat Forecasts
Ronna Abramson
10/17/02 - 04:57 PM EDT
PeopleSoft(PSFT Quote - Cramer on PSFT - Stock Picks) posted a drop in third-quarter earnings Thursday, amid weakening corporate demand for high-tech products, but the results beat analysts' estimates by a penny.
The Pleasanton, Calif.-based software maker reported net income of $44.6 million, or 14 cents a share, down from $50.3 million, or 16 cents a share, in the same period last year.
Revenue was $471.2 million, compared with $520.7 million a year ago.
Wall Street analysts expected PeopleSoft to earn pro forma net income of 13 cents a share -- in line with the company's guidance -- on $469.3 million in
revenue in the third quarter, according to Thomson Financial/First Call.
Shares of PeopleSoft closed up $1.51, or 10.2%, at $16.36 Thursday. In after-hours trading, the shares were up 5.1%, or 84 cents, at $17.20.