Despite a tough macroeconomic backdrop, software giant Oracle (NYSE: ORCL) produced solid quarterly results when it reported on Monday. Excluding the acquisition of Cerner, revenue grew by 9% year over year at constant currency in the fiscal second quarter of 2023, which ended Nov. 30.

Oracle's cloud business stood out. Total cloud revenue, which includes infrastructure-as-a-service (IaaS) and software-as-a-service (SaaS), soared 48% year over year in constant currency to $3.8 billion. IaaS on its own generated $1 billion in revenue, up 59% year over year.

Oracle is a small player in the IaaS market, but it's expanding faster than the market leaders. Amazon's AWS grew by 28% at constant currency in the most recent quarter; Microsoft's Azure grew by 42%; and Alphabet's Google Cloud grew by 38%.

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Source Fool.com