Green shoot watchers received a fillip in the form of better than expected results from Oracle with the vendor commenting that there had not been a catastrophic drop in software sales.
Although Oracle has been consistently producing solid results the expectation among some analysts was that the recession would catch up with the numbers.
But in its fourth quarter showed only a 5% drop in GAAP revenues to $6.9bn with net income dropping 7% to $1.9bn. New software licences were down 13% at $2.7bn but updates and support rose by 8% to $3.1bn.
A similar picture was painted for the full fiscal year with new licenses dipping by 5% but the updates and support business increasing by 14%.
Charles Phillips, president of Oracle, said that it had taken share from SAP in every region.
"In Europe our applications business grew 5% in constant currency versus negative 27% growth for SAP in its most recent quarter. Historically Europe has been a SAP stronghold, but these results prove that we can compete," he stated.