Oracle Corp narrowly miss expectations for quarterly sales, but the company is still optimistic about the demand for its cloud software in light of Cerner's recent acquisition.

 

Oracle has been expanding its product line with an emphasis on subscriptions in order to attract big clients and compete more effectively in the developing cloud services sector, which is controlled by computer giants Microsoft Corp. and Amazon.com Inc.

 

Oracle officials stated that they anticipate adding more healthcare customers over the upcoming quarters during a conference call with analysts.

 

The third quarter saw a 45 percent increase in cloud sales, reaching $4.1 billion.

 

The U.S. dollar's rise has hurt the bottom lines of global corporations like Oracle, whose third-quarter net income fell to $1.89 billion from $2.32 billion a year earlier, despite the fact that hybrid work has contributed to growth.

 

In the quarter that ended on February 28, Oracle earned $1.22 per share on revenue of $12.39 billion, vs analysts' expectations of $1.20 per share on revenue of $12.42 billion, according to Refinitiv data.

 

Shares fell more than 3% in trading after the bell as a result of the inconsistent results. According to the corporation, fourth-quarter revenue would increase by 15% to 17% compared to analysts' expectations of 16.2%.

 

Moreover, Oracle anticipates adjusted profit per share to be in the range of $1.56 to $1.60, exceeding $1.46 market forecasts.