PeopleSoft Numbers Reveal Its Weak Hand

PeopleSoft(PSFT Quote) finally caved in, confirming analysts' fears about its core license revenue growth. After months of deflecting criticism for refusing to break out revenue from J.D. Edwards, acquired in July 2003, PeopleSoft finally revealed the numbers in a filing with the Securities and Exchange Commission.

Without J.D. Edwards, PeopleSoft's license revenue -- a key measure of software sales -- declined 20.1% in 2003 from 2002, according to the 10-K filing. J.D. Edwards contributed $114.9 million in license fees to PeopleSoft last year, representing 21.3% of the combined company's total license revenue.

The newly disclosed numbers back up charges from some analysts and unwanted suitor Oracle (ORCL Quote) that Pleasanton, Calif.-based PeopleSoft's core business is stalling. ...