Why is the new Hardware slow?

You buy new hardware to be faster. This is a normal expectation. But what if the new hardware is slower than the old one? The speculation about the cause went wildly. Since I had to wait for this assignment due to holiday time, the tension was high as the examination could finally begin.

A quick check showed that the new hardware was no slower than the old one. The decisive hint brought a raw trace. I show only the important part.

On the old hardware of trace looked like this:


FETCH #25:c=1154407,e=1152124,p=0,cr=102603,cu=0,mis=0,r=101,dep=0,og=1,tim=650755949521


Cursor # 25 is a large Select that runs slowly. On the new hardware trace looked as follows:


FETCH #601010888:c=31200,e=22483,p=0,cr=3706,cu=50,mis=0,r=1,dep=0,og=1,plh=3621104505,tim=39783214696
WAIT #601010888: nam='SQL*Net message from client' ela= 171 driver id=1413697536 #bytes=1 p3=0 obj#=-1 tim=39783217398
LOBGETLEN: c=0,e=3,p=0,cr=0,cu=0,tim=39783217416
WAIT #0: nam='SQL*Net message to client' ela= 0 driver id=1413697536 #bytes=1 p3=0 obj#=-1 tim=39783217423
WAIT #0: nam='SQL*Net message from client' ela= 117 driver id=1413697536 #bytes=1 p3=0 obj#=-1 tim=39783217546
WAIT #0: nam='SQL*Net message to client' ela= 0 driver id=1413697536 #bytes=1 p3=0 obj#=-1 tim=39783217560
LOBREAD: c=0,e=12,p=0,cr=1,cu=0,tim=39783217567


Cursor # 601010888: corresponds cursor # 25 on the old hardware. The database on the new hardware is version 11, the database on the old hardware version 10.
Obviously except for the version there is at least one other difference between the two databases. What is it? What is effect of this difference?
Both databases are accessed via the exact same program, which is implemented using MS Visual Studio.