Oracle reports booming cloud computing business

Oracle's cloud computing business saw 24 percent growth in revenue for the quarter ending Feb. 28 over the previous year to $2.8 billion as its pending deal with Cerner nears, The Wall Street Journal reported March 11.

On March 10, Oracle released its fiscal third-quarter earnings and reported that companywide revenue was up 4 percent from 2021 to $10.51 billion.

Oracle's main line of business is licensing software for companies and providing maintenance and other services, but the company sees cloud-computing as a more profitable avenue.

"Our cloud business is on an absolute roll, you can see it in the numbers," Safra Catz, chief executive of Oracle said in an earnings call. "Cloud is a fundamentally more profitable business than on-premise databases."

The $28.3 billion deal to buy Cerner is the company's newest strategy in accelerating its cloud-computing business. The deal is expected to close later this year. 

The company said it expects fourth-quarter earnings of $11.56 billion to $11.79 billion.

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