PeopleSoft tops third quarter predictions

MyCustomer.com

PeopleSoft has raised the pressure on hostile suitor Orcle by announcing that its third-quarter results exceeded management expectations set a month ago.

Despite not providing specific figures, PeopleSoft said its sales of new software licenses, total revenues and profits from ongoing operations topped the estimates provided to analysts in early September.

"When you offer customers better software, a choice of databases and you build on their existing product investments, they buy more," said PeopleSoft President and CEO Craig Conway

PeopleSoft had predicted third-quarter revenues of between $575 million and $590 million, before absorbing charges primarily related to the company's $1.8 billion acquisition of JD Edwards.

Those charges are likely to see PeopleSoft record a net loss when it reports its third-quarter results later this month. But Wall Street was pleased with the news, pushing PeopleSoft's shares up 62 cents to close at $20.43 on the Nasdaq Stock Market, piling pressure on Oracle to riase its current $7.5 billion hostile takeover bid price.

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