PeopleSoft sees 113% jump in Q3 income

Despite the poor economy and falling revenues for rivals such as Siebel Systems Inc. and SAP AG, PeopleSoft Inc. continues to grow year-to-year.

On Thursday, the Pleasanton, Calif.-based business applications vendor announced that revenue during the third quarter ending on September 30 had grown to US$509 million, an increase of 15 percent over the prior year's number. The firm said it saw a 113 percent increase in income from recurrent operations, up to $50.3 million from last year's $23 million.

The company, in its announcement, reported income of 15 cents per share, up from 8 cents per share in the same quarter last year.

PeopleSoft officials cited continued market demand for the company's Internet enterprise applications, reporting that third-quarter license revenue increased 15 percent over the same quarter last year, to $152 million. Service revenue rose 21 percent over the same quarter of 2000, to $333 million.

"We continue to experience accelerating adoption of PeopleSoft 8, our pure Internet enterprise applications, by both new and existing customers," said Craig Conway, PeopleSoft's CEO and president. He went on to tout PeopleSoft's "operational efficiency and financial controls," saying they had contributed to the company's performance during "extraordinarily challenging circumstances."

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