Sales of cloud services will grow in 2023 by 30%
Oracle Corp. announced the results and predicted that its attempts to migrate clients to the cloud are picking up steam and that the company’s acquisition of medical records supplier Cerner Corp. will help it grow faster.
Investors reacted warmly, lifting Oracle stock more than 13% in extended trading on Tuesday, bringing the price to a 16-month low.
Cloud computing revenue up 19%
“We will be able to produce exceptional revenue growth over the next few quarters if we combine the robust growth in our cloud infrastructure business with the freshly acquired Cerner and Oracle businesses,” stated CEO Safra Katz.
Oracle’s cloud computing sales increased 19 percent to $2.9 billion in the fourth quarter of the fiscal year.
The $28.3 billion acquisition of Cerner is expected to help the corporation move forward in the healthcare industry, which has been sluggish in adopting the cloud and will now be the company’s largest business.