Digital media vendor Adobe also had strong revenue growth, announcing Tuesday that sales for the period ending June 1 rose 10 percent year over year to $1.124 billion. The company credited the results to a successful launch of Creative Cloud and Creative Suite 6, strong Acrobat revenue and 35 percent year-over-year revenue growth in its Digital Marketing Suite business.
However, Adobe also reported a year-over-year slump in net income for the period, from $229 million to $224 million.
And for fiscal year 2012, the company narrowed its annual revenue growth target to a range of 6 percent to 7 percent, compared to its prior target range of 6 percent to 8 percent. "These targets reflect a weaker demand forecast in Europe," it said in a statement.
Despite the good news from at least some of the bigger vendors this week and the upbeat note from Canaccord Genuity, the Europe sovereign debt crisis is bound to cast a pall over sales outlooks for some time.
Gartner on Wednesday lowered its forecasts on global spending on business applications. While the firm had previously predicted a 5 percent uptick this year, it now expects applications spending to rise 4.5 percent from last year's $115.2 billion total.
For its part, Forrester Thursday said that IT spending in Europe will flatten out. "The most likely result is either near-zero growth or economic recession in 2012, depending on the country," Forrester analyst Andrew Bartels wrote.
As Oracle co-President Safra Catz said on the company conference call this week, addressing a question on the macro economy and Europe's outlook: "We have not become economists this quarter, and we don't have any idea what's going to happen."
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