Oracle Corp reported better-than-anticipated second-quarter revenue on Monday, aided by robust demand for its cloud software services and the acquisition of electronic medical records company Cerner (NASDAQ:CERN).

Oracle (NYSE:ORCL) has been aggressively pursuing the cloud computing market to make up for its late entry and better compete with the cloud solutions of Microsoft (NASDAQ:MSFT) and Amazon.com (NASDAQ:AMZN).

Oracle projects sales growth between 21% and 23% in constant currency for the third quarter, while analysts anticipate growth of approximately 17.4%.

Return to offices and hybrid work arrangements have increased demand for the company's suite of cloud-based applications, particularly among major organizations. Some analysts believe that Oracle will be able to withstand macroeconomic difficulties better than its competitors, while taking a little hit from the rising currency.

Oracle shares increased 2.8% to $83.50 during extended trading. They have decreased by 6.8% this year.

Oracle reported that Cerner, which it acquired earlier this year for more than $28 billion, contributed $1.5 billion to revenue for the quarter ending November 30.

Total revenue increased 18.5% to $12.28 billion compared to the consensus expectation of $12.05 billion by Refinitiv.

Oracle earned $1.21 per share, excluding non-recurring charges.