Though Red Hat is much smaller than Oracle, it nevertheless acts as a barometer for the enterprise market. For example, a day after its financial announcement, it announced the release of Red Hat Enterprise Linux (RHEL) 6.3, a tweak of its enterprise-grade Linux distribution that .

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.