Shares of software vendors helped push up computer stocks on the tech-heavy Nasdaq Friday. In afternoon trading the Nasdaq computer stock index rose 9.27 points to 1552.85. Red Hat jumped by US$1.67 to $54.63; Microsoft rose $0.31 to $30.44; and Oracle was up $0.12 to $27.94.

Oracle's financial statement is often considered the unofficial start to the tech earnings season. IT market watchers were hoping for Oracle to provide some relief to bad economic news, which this week included a downgrade by Moody Investors Services of its ratings for some of the U.S.' biggest banks and reports that Spain needs even more cash to shore up bank debts.

Oracle did not disappoint. For the quarter ending May 31, Oracle on Tuesday reported that to US$3.5 billion, while revenue increased by 1 percent to $10.9 billion.

The problem with Oracle's revenue growth is that much of it has come from acquisitions, to the extent that it is difficult to tell how much headway is being made by its core products.

Oracle co-President Mark Hurd addressed the issue.