September 27, 2022
Oracle met Wall Street targets for first-quarter revenue on Monday as demand for its cloud services stayed strong and its acquisition of healthcare IT firm Cerner started to pay off. With hybrid work gaining traction worldwide, Oracle has been looking to bolster its cloud offerings and close the gap to rivals Microsoft Azure and Amazon…

Oracle met Wall Street targets for first-quarter revenue on Monday as demand for its cloud services stayed strong and its acquisition of healthcare IT firm Cerner started to pay off.

With hybrid work gaining traction worldwide, Oracle has been looking to bolster its cloud offerings and close the gap to rivals Microsoft Azure and Amazon Web Services.

Revenue from its cloud businesses jumped 45 percent to US$3.6 billion (A$5.2 billion).

Cerner contributed US$1.4 billion in the quarter, months after Oracle bought it in a deal that unlocked troves of data from one of the biggest healthcare IT firms in the United States..

That helped cushion the impact from a slowdown in business spending, as companies turn thrifty in the face of high inflation and an advancing US dollar.

The enterprise software maker said the strong greenback had a “significant impact” on its results in the quarter and without that, its adjusted earnings would have been 8 cents higher. It reported non-GAAP profit of US$1.03 per share.

Oracle’s net income fell to US$1.55 billion, or 56 cents per share, in the quarter ended Aug. 31, from US$2.46 billion, or 86 cents per share, a year earlier.

Total revenue rose 17.7 percent to US$11.45 billion, in line with analysts’ estimates, according to Refinitiv data.

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