Strong growth in services revenues helped software supplier Peoplesoft to ride out concerns over a slowdown in the ERP market, and record solid results in its third financial quarter.
Net income for the three months ended 30 September were $44.2 million, up 54 per cent over last year's $28.7 million. Earnings per share were 17 cents, up six cents and in line with analysts' expectations.
Revenues rose 62 per cent, from $217.1 million, to $351.3 million, with services revenues enjoying the biggest rise. While software licence revenues rose 30 per cent to $147.3 million, services nearly doubled, rising 96 per cent to $204 million.
Peoplesoft said it expected that 1998, overall, would see its revenues grow 60 per cent year on year. Although it conceded there would be a slowdown in the ERP software marketplace, it said it still expected growth in 1999 to be around 25 to 35 per cent.
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