The US software group Oracle posted a strong increase in sales in the most recent fiscal quarter thanks to its booming cloud services and a takeover. However, the profit collapsed due to high costs.
In the three months to the end of August, revenues increased by 18 percent compared to the previous year to 11.45 billion dollars (11.3 billion euros), as the SAP competitor announced on Monday after the US stock market closed.
The strong growth was also due to the purchase of the software company Cerner, which specializes in healthcare, which contributed to sales for the first time. However, higher operating costs caused profits to collapse. Bottom line, Oracle earned $ 1.55 billion – about 37 percent less than a year ago. Investors reacted cautiously, the stock hardly moved at first after hours.