Oracle shares slump on revenues

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Shares in Oracle, the world's third biggest software maker, fell after the company reported disappointing sales.

Oracle said sales of new software, over the three months to the end of February, rose 16%, which was at the low end of forecasts.

Investors had seen Oracle as insulated from the US economic slowdown, but are now worrying it will be hit too.

Oracle reported net income of $1.34bn (Â£667m) during the quarter. Shares fell more than 8% in after hours trading.

"Customers got a little more cautious toward the end of the quarter," Oracle Chief Financial Officer, Safra Catz said.