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Oracle (NYSE:ORCL) has been beefing up its offerings with a focus on subscriptions to win large customers and better compete in the booming cloud services market dominated by tech heavyweights Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN).
On a conference call with analysts, company executives said Oracle expects to sign more healthcare customers over the next few quarters.
Cloud revenue jumped 45% to $4.1 billion in the third quarter.
However, 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 in the third quarter falling to $1.89 billion from $2.32 billion a year earlier.
Oracle earned $1.22 per share on revenue of $12.39 billion in the quarter ended Feb. 28, while analysts were expecting a profit of $1.20 per share on revenue of $12.42 billion, according to Refinitiv data.
The mixed results sent shares down over 3% in trading after the bell.
The company forecast fourth-quarter revenue to grow between 15% and 17%, compared with analysts’ estimate of 16.2%.
Oracle also expects adjusted profit per share in the range of $1.56 to $1.60, above market expectations of $1.46.
