Oracle’s third quarter financial results for the fiscal year 2024, ending in February, reported a total revenue of $13.28 billion, a 7% increase from the same period the previous year. Net profit also saw a rise to $2.401 billion.
Revenue from cloud services and license support increased by 12% to $9.963 billion, while revenue from cloud and on-premise licenses decreased by 3% to $1.256 billion. Hardware revenue dropped by 7% to $754 million, and Services revenue declined by 5% to $1.307 billion.
Larry Ellison, Oracle’s Chairman and CEO, stated that the company had successfully migrated most of Cerner’s major customers, a healthcare IT system acquired by Oracle in 2021, to Oracle’s Gen2 Cloud Infrastructure. In the current quarter, Oracle will begin delivering the new Ambulatory Clinic Cloud Application Suite to the same group of customers, incorporating innovative AI features in healthcare services.
Ellison also shared additional information during the earnings call, mentioning that Oracle now has 20 data centers supporting Microsoft and Azure’s needs. This week, Microsoft just ordered 3 more data centers to meet their expanding demands.
Source: Oracle and CNBC
TLDR: Oracle’s Q3 FY2024 results show revenue and profit growth, with a focus on cloud services and data center expansion to meet increasing market demands.
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