Oracle Misses Revenue Expectations, Cloud Growth Continues as Cerner Acquisition Promises Health Sector Expansion

Oracle missed revenue expectations for Q1 2024, posting $12.45B vs expected $12.47B, resulting in share price drop
Cloud revenue was up 30% to $4.6B, SaaS revenue up 17% to $3.1B
Ellison teased closer Microsoft Azure partnership, easier for Azure customers to use Oracle cloud databases
Oracle acquired Cerner in June 2022, promising health sector expansion, followed by job cuts
CEO Catz said Oracle will continue to drive Cerner profitability up and make cost savings

theregister.com

Relevant topic timeline:

9/11/2023

Microsoft Beats on Earnings, Misses on Revenue in Q1 as Cloud Growth Continues

Oracle reported impressive Q1 earnings, with Non-GAAP EPS of $1.19, beating expectations, although revenue of $12.45B missed by $20M; cloud services revenue grew 30% to $4.6 billion and now accounts for 77% of Oracle's total revenue.

9/11/2023

Oracle Revenue Misses Expectations as Cloud Spending Slows

Oracle narrowly missed market expectations for first-quarter revenue due to reduced spending on cloud services, leading to a drop in shares, but the company's advancements in networking technology make it well-suited to capture AI workloads and potentially boost its cloud infrastructure business.

9/12/2023

Oracle Shares Plunge Over 12%, Ellison Loses $18 Billion as Revenue Falls Short

Oracle's shares plunged more than 12% and its Chair, Larry Ellison, lost $18 billion in wealth following disappointing revenue and weaker-than-expected guidance, despite the company's focus on artificial intelligence and cloud services.

9/14/2023

Oracle and Microsoft Forge Surprise Cloud Partnership Despite Decades of Rivalry

Oracle's Larry Ellison and Microsoft's Bill Gates appeared together to announce an expansion of collaboration between the two companies, with Oracle placing its Exadata hardware in Microsoft's Azure data centers for improved database access and integration with Azure services.

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Posted 9/12/2023, 1:38:00 PM

Oracle Misses Revenue Expectations, Cloud Growth Continues as Cerner Acquisition Promises Health Sector Expansion

Oracle missed revenue expectations for Q1 2024, posting $12.45B vs expected $12.47B, resulting in share price drop
Cloud revenue was up 30% to $4.6B, SaaS revenue up 17% to $3.1B
Ellison teased closer Microsoft Azure partnership, easier for Azure customers to use Oracle cloud databases
Oracle acquired Cerner in June 2022, promising health sector expansion, followed by job cuts
CEO Catz said Oracle will continue to drive Cerner profitability up and make cost savings

theregister.com

Relevant topic timeline:

9/11/2023

Microsoft Beats on Earnings, Misses on Revenue in Q1 as Cloud Growth Continues

9/11/2023

Oracle Revenue Misses Expectations as Cloud Spending Slows

9/12/2023

Oracle Shares Plunge Over 12%, Ellison Loses $18 Billion as Revenue Falls Short

9/14/2023

Oracle and Microsoft Forge Surprise Cloud Partnership Despite Decades of Rivalry