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Oracle Corp. reported results and gave a forecast suggesting the effort to move its customers to the cloud is gaining momentum, and the acquisition of health care records provider Cerner Corp. will help accelerate the growth of the business.
Investors reacted positively, sending shares up more than 13% in extended trading after a day in which the overall market plunged and Oracle’s stock hit a 16-month low.
“Couple a high growth rate in our cloud infrastructure business with the newly acquired Cerner applications business — and Oracle finds itself in position to deliver stellar revenue growth over the next several quarters,” Chief Executive Officer Safra Catz said Monday in a statement.
Cloud revenue — the highly watched segment that Oracle has been trying to expand — rose 19% to $2.9 billion in the fiscal fourth quarter, the Austin, Texas-based company said. Cloud sales growth had been…