Oracle Reports 7% Revenue Growth in Q3 Fiscal 2024

Oracle Corporation has announced a 7 percent increase in revenues for the third quarter of fiscal 2024, totaling $13.3 billion.
Oracle Fusion Cloud Applications for HealthcareThe company’s cloud services and license support revenues experienced a growth of 12 percent to $10 billion. However, cloud license and on-premise license revenues of Oracle declined 3 percent to $1.3 billion.

During Q3, Oracle achieved an operating income of $3.8 billion, maintaining an operating margin of 28 percent.

Oracle CEO Safra Catz, in its earnings report, attributed this success to the signing of large new cloud infrastructure contracts, which led to Oracle’s total Remaining Performance Obligations surging by 29 percent to over $80 billion — an unprecedented milestone in the company’s history.

Safra Catz expressed confidence in Oracle’s ability to meet the escalating demand for its Gen2 AI infrastructure, foreseeing continued growth in cloud infrastructure business. “We expect that 43 percent of our current $80 billion of Remaining Performance Obligations will be recognized as revenue over the next four quarters,” Safra Catz said.

Furthermore, Oracle Chairman and CTO Larry Ellison highlighted significant milestones achieved during the quarter, including the migration of the majority of Cerner customers to Oracle’s Gen2 Cloud Infrastructure.

Larry Ellison disclosed plans for the imminent rollout of Oracle’s new Ambulatory Clinic Cloud Application Suite, equipped with an AI-driven system featuring an integrated voice interface named the Clinical Digital Assistant. This innovation aims to streamline processes, such as generating doctors’ notes and updating Electronic Health Records, ultimately enhancing efficiency and accuracy in healthcare data management.

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