This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI8B0WY_L.jpg
With hybrid work gaining traction worldwide, Oracle (NYSE:ORCL) has been looking to bolster its cloud offerings and close the gap to rivals Microsoft (NASDAQ:MSFT) Azure and Amazon (NASDAQ:AMZN) Web Services.
Revenue from its cloud businesses jumped 45% to $3.6 billion.
Cerner contributed $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 U.S. 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 $1.03 per share.
Oracle’s net income fell to $1.55 billion, or 56 cents per share, in the quarter ended Aug. 31, from $2.46 billion, or 86 cents per share, a year earlier.
Total revenue rose 17.7% to $11.45 billion, in line with analysts’ estimates, according to Refinitiv data.
