Oracle sales miss forecasts, shares plunge

December 20, 2011 4:28 PM EST

Technology giant Oracle Corp reported software and hardware sales that missed its own forecasts, sending its shares plunging 8 percent.

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The world's No. 3 software maker reported that new software sales rose 2 percent from a year earlier to $2 billion in its second quarter ended Nov 30. It had forecast that new software sales would climb between 6 and 16 percent when it last reported earnings three months ago.

It also reported that hardware product sales fell 14 percent to $953 million. It had forecast that they would be flat to down 5 percent.

(Reporting by Jim Finkle; Editing by Richard Chang)

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