© Reuters. An exterior view of the Oracle Field Office at Wilson Boulevard in Arlington, Virginia, U.S., October 18, 2019. REUTERS/Tom Brenner
(Reuters) – Oracle Corp (NYSE:) met Wall Street targets for first-quarter revenue on Monday, helped by strong demand for its cloud services and as its acquisition of healthcare IT firm Cerner (NASDAQ:) 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 (NASDAQ:) Azure and Amazon (NASDAQ:) Web Services.
Cerner contributed $1.4 billion to total revenues in the quarter, months after Oracle bought the company 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 a stronger dollar.
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.
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