Oracle's Revenue Miss and Ellison's Azure Database Hint Disappoint Market

Oracle reported slightly lower than expected revenue for Q1 of 2024, causing a 9% drop in its stock price. The company's Q1 cloud revenue, including IaaS and SaaS, was $4.6 billion, up 30% from last year. Oracle's CTO, Larry Ellison, hinted at a closer partnership with Microsoft's Azure cloud platform, stating that they will make it easier for Azure customers to use Oracle Cloud database technology. Additionally, Oracle plans to rewrite Cerner's Millennium software for its cloud infrastructure using low-code application development platform APEX.