Increased activity in the cloud sphere
In 2022, Oracle announce its total cloud revenue grew 24% to $2.8 billion in the quarter ending in February 2022, whilst its company-wide revenue went up 4% from the previous year to $10.5 billion. Oracle is transitioning away from licensing software for companies’ on-premises databases and towards becoming a cloud vendor, that offers its database customers a cloud-based alternative. In line with that transition, the company announced in December 2021 a deal to buy cloud-based electronic-medical-records company Cerner Corpe (Cerner) for $28.3 billion.
Balance Sheet|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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