Oracle stock rose Tuesday as the database software giant reported quarterly results that beat on revenue but fell short on earnings. Oracle reported results late Monday.
ORCL stock edged up 2.9% to 79.20 during morning action on the stock market today. Results were for its fiscal first quarter ended Aug. 31.
The database software giant reported adjusted earnings of $1.03 a share on revenue of $11.4 billion. Analysts expected Oracle to report adjusted earnings of $1.07 a share on revenue of $11.3 billion.
Oracle is investing heavily to accelerate cloud revenue growth as it also moves to modernize health care information technology.
This was Oracle's first quarter with a financial contribution from medical records company Cerner, which Oracle acquired for $28 billion. The deal closed in June, as the company moves deeper into the health care sector.
ORCL Stock: Cloud Services And License Support Up 14%
Cloud services and license support revenue of $8.4 billion were up 14% from the year-ago period and up 20% in constant currency, Oracle said. Cerner contributed $1.4 billion to total fiscal first-quarter revenue.
"Even without Cerner, our total revenue grew 8% in constant currency driven by Oracle's rapidly growing applications and infrastructure cloud businesses," Oracle Chief Executive Safra Catz said in prepared remarks with the earnings release.
"This is the first quarter we owned Cerner and they just delivered the best revenue quarter in their history," said Catz. "We expect Cerner to do even better in the coming quarters as we develop an all-new suite of health care cloud services."
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