Oracle surges after earnings blowout as demand for cloud services heats up
The company’s cloud infrastructure revenue soared double digits, and execs say, “The best is still to come.”
Oracle shares jumped 13% Thursday after the enterprise software giant beat Wall Street’s Q4 expectations. Earnings per share came in at $1.70, topping FactSet estimates of $1.64. Revenue rose 11% to $15.9 billion, ahead of the Street’s forecast of $15.6 billion.
A major highlight: Oracle’s cloud infrastructure revenue surged 52% to $3 billion, with execs saying that both growth rates and demand are “skyrocketing.” The company has been leaning into AI to cement its position in cloud computing, aiming to better compete with rivals like Amazon and Microsoft.
Looking ahead, Oracle expects total cloud revenue to grow 26% to 30% and sees non-GAAP EPS landing between $1.44 and $1.48 in the current quarter, in line with Wall Street estimates. The stock is up about 20% year to date.
