2003 will be the "Turnaround Year," according to Oracle Chief Financial Officer

Oracle Corporation's CFO, Jeff Henley, issued a prediction at OracleWorld's technology and user conference that declining technology revenues will end in 2003, at least for Oracle. "Two years is a long time, even with a correction like this," said Henley, referring to shrinking technology revenues and telecom bankruptcies. "During the first half of calendar '03, we'll start to see this thing turn around. Companies are working off a lot of their projects and are ready for new projects," he said. Henley indicated that Oracle's financial comparisons from the same period one year ago indicate a growth trend, and that there is pent-up demand for technology that has been unfulfilled due to slashed corporate IT budgets.