StockApps’ Edith Reads has been tracking Oracle’s 2022 revenue and says, “Oracle has seen an opportunity in the growing demand for cloud infrastructure. It is therefore taking on the established players in the space with its unique product offering. The firm’s cloud business is entering a stage of explosive growth. So that’s increasing Oracle’s bullishness about its ability to draw new customers while eating into the established players’ base.”
Software expansion drives Oracle’s cloud infrastructure
Safra Catz, CEO of Oracle, told investors that software growth was the driving force of the company’s Oracle Cloud Infrastructure (OCI). Customers of its Fusion and NetSuite platforms are increasingly purchasing OCI.
She adds that there has been a shift in OCI’s database customers to self-service. That has eased the serving of its Fusion customers. Again, Oracle expects its cloud revenue to grow significantly in the fiscal year 2023, notwithstanding the current macroeconomic backdrop.
Oracle acquisition of electronic healthcare company Cerner
The acquisition of Cerner, a global producer of electronic health records, was a discussion that increased Oracle’s debt by $15.8 billion.
On an earnings call, Oracle CEO Safra Catz showed that the company looks at its entire product line. The reason is to see if there are any places where they can use Oracle technology instead of third-party solutions and then migrate them to OCI.