Oracle's 2023 Q1 revenue jumps 18%

Software giant Oracle reported an 18 percent jump in 2023 first quarter revenue to $11.45 billion.

The revenue exceeded analysts' expectations of $11.33 billion, according to The Wall Street Journal. Recently acquired medical records giant Cerner contributed $1.4 billion in first-quarter revenue, according to a Sept. 12 Oracle news release. Oracle completed its $28.4 billion acquisition of Cerner in June. 

Additionally, Oracle's cloud technology revenue grew 45 percent to $3.6 billion in the first quarter. 

Oracle expects Cerner to do even better in the coming quarters as the business continues to integrate into Oracle, according to the release. The strong first-quarter earnings come amid news of layoffs and staff reductions at Oracle. 

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