Oracle Shares Jump 7% After Revenue Beats Expectations on Cloud Growth
· Technology · CNBC
Oracle shares jumped 7% in extended trading after reporting fiscal first-quarter results that surpassed consensus estimates on both the top and bottom lines. Revenue grew 30% year over year to $19.35 billion for the quarter ending August 31, while adjusted earnings per share reached $1.92. Cloud infrastructure revenue more than doubled to $7.4 billion, driving much of the expansion as the company scales data center capacity for artificial intelligence. Net income rose to $4.68 billion, up from $2.93 billion a year earlier. For the upcoming fiscal second quarter, Oracle projected adjusted earnings per share between $1.85 and $1.93 alongside revenue growth of 30% to 34%.
Why it matters
The strong revenue beat and cloud infrastructure growth demonstrate Oracle's expanding footprint in the artificial intelligence sector, signaling increased competition among major tech vendors for enterprise cloud contracts.
Read the original report — CNBC
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