Oracle meets revenue targets on cloud strength, Cerner boost

Oracle Corp 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% to $3.6 billion.