Goldman Cuts Oracle's Estimates - TheStreet

Oracle

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was falling in early trading after Goldman Sachs lowered its estimates for the software company.

The firm cut its projection for Oracle's 2002 earnings to 38 cents from 40 cents a share and its 2003 estimate to 35 cents from 40 cents. Both are below the consensus expectation. According to Thomson Financial/First Call, Wall Street, on average, is looking for 40 cents in 2002 and 45 cents in 2003.

Goldman Sachs also lowered Oracle's fourth-quarter license revenue forecast to $1 billion from about $1.18 billion. Goldman attributed the revisions to the "slower tone of business shown by other tech companies in the March quarter."

Shares of Oracle were recently down more than 3% to $8.29 after closing at $8.55 Thursday.