Oracle misses revenue estimates, bullish on cloud software

Oracle Corp missed quarterly revenue estimates on Thursday, but the company remained bullish about its cloud software after the recent acquisition of Cerner, an electronic medical records firm.

According to a conference call with analysts, Oracle expects to sign more healthcare customers over the next few quarters.

Cloud revenue jumped 45 per cent to $4.1 billion in the third quarter.

While hybrid work has helped growth, a rally in the U.S. dollar has also hit the bottom-lines of multinational firms such as Oracle, with the company's net income falling to $1.89 billion in the third quarter from $2.32 billion a year earlier.

Oracle earned $1.22 per share on revenue of $12.39 billion in the quarter ending February 28, while analysts were expecting a profit of $1.20 per share on revenue of $12.42 billion, according to Refinitiv data.

After the bell, the shares fell by over 3 per cent.

The company predicted fourth-quarter revenue to grow between 15 per cent and 17 per cent, compared to analysts' estimate of 16.2 per cent.

Oracle expects adjusted profit per share to be in the range of $1.56 to $1.60, above market expectations of $1.46.