By Akash Sriram
Oracle Corp met Wall Street targets for first-quarter revenue on Monday as the enterprise software maker started to reap the benefits of buying healthcare IT firm Cerner.
Demand for its cloud services also remained strong, driving segment revenue up 45 percent to $3.6 billion, including contribution from Cerner.
With hybrid work gaining traction worldwide, Oracle has been looking to bolster its cloud offerings in a bid to catch up to bigger rivals Microsoft Corp’s Azure and Amazon.com Inc’s Web Services.
“Oracle’s advantage is their reliability. I see opportunity there for Oracle to preserve its customer base as they move processes to the cloud,” said John Freeman, vice president of equity research at CFRA Research….