EHR vendor Cerner contributed $1.5 billion to software giant Oracle's $12.4 billion in third-quarter revenue; analysts at FactSet had expected $12.43 billion in revenue.
The company's quarterly revenue was up 18 percent year-over-year. Cloud revenue contributed $4.1 billion to the total third-quarter revenue, according to an Oracle March 9 news release.
Following the earnings report, Oracle shares fell 5 percent in after-hours trading due to the company falling just short of revenue estimates, The Wall Street Journal reported March 9.
"Since June of last year when we acquired Cerner, that business has increased its healthcare contract base by approximately $5 billion," Oracle Chair and Chief Technology Officer Larry Ellison said in the release. "We have signed a diverse set of new and expanding domestic and international customers including: the U.S. Department of Defense, the U.S. Department of Veterans Affairs, Hospital Groups in a dozen U.S. States, multiple hospitals in the United Kingdom, multiple Provinces of Canada, the Australian Defense Forces, multiple hospitals in Puerto Rico and multiple countries in the Middle East. While we are pleased with this early success of the Cerner business, we expect the signing of new healthcare contracts to accelerate over the next few quarters."