Oracle Jumps Most in Six Months as Cloud Sales Show Momentum
- CEO says FY 23 cloud sales to gain 30% in constant currency
- Company last week completed $28 billion acquisition of Cerner
Oracle headquarters in Redwood City, California.
Photographer: Michael Short/Bloomberg
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Oracle Corp. shares jumped the most in six months after the company reported results suggesting its effort to move customers to the cloud is gaining momentum and the acquisition of health care records provider Cerner Corp. will help accelerate growth.
Investors sent the stock up more than 10% to $70.72 at the close Tuesday in New York, the biggest single-day increase since December. The move came just a day after the shares hit a 16-month low.