Manufacturing.net reported Oracle’s results fell short of expectations in its latest quarter as the business software maker struggled to close deals, a signal of possible trouble ahead for the technology sector. This performance has raised concerns that major companies and government agencies may curtail technology spending. Oracle's software is a staple in companies and government agencies throughout the world. Its database products help companies store and manage information.

According to the report, Oracle's sales of new software licenses edged up only 2% from the same time last year. The company had predicted an increase of at least 6% and as much as 16%. 

Results in Oracle’s computer hardware division were also disappointing where hardware revenue dropped 10% from the same time last year.  Oracle's weakest markets were in the U.S., Europe and Japan.

As reported, Oracle’s chief financial officer stated that part of the problem was that technology decision makers delayed signing contracts during the final few days of the quarter which could be an indication that companies and financially strapped government agencies are treading more carefully as Europe's debt problems threaten to hobble a still-fragile global economy.