Oracle jumped in afterhours trading Tuesday after the cloud-computing company’s bullish cloud revenue growth outlook amid a surging order book pointed to strong AI-fueled demand ahead, offsetting fiscal first-quarter results that fell short of estimates.
Oracle Corporation (NYSE:ORCL) rose more than 22% in recent afterhours trading following the report.
For the three months ended Aug. 31, Oracle reported adjusted per-share income of $1.47 on revenue of $14.93 billion, missing Wall Street expectations for $1.48 on revenue of $15.9 billion.
Remaining performance obligations, a gauge of booked revenue, climbed by 359% to $455B, as the company signed four multi-billion-dollar contracts with three different customers in Q1.
MultiCloud database revenue from Amazon, Google and Microsoft grew at the incredible rate of 1,529% in Q1, the company said.
The surge in growth from hyperscalers is set to continue, with company touting MultiCloud revenue to grow "substantially every quarter for several years."
Looking ahead, the company said its Oracle Cloud Infrastructure revenue is expected to grow 77% to $18B this fiscal year. And then increase to $32B, $73B, $114B, and $144B in fiscal years 2027, 2028, 2029 and 2030, respectively.
Source :
https://www.investing.com/news/earnings/oracle-fiscal-q1-results-fall-short-but-order-book-swells-amid-aifuel-demand-4232146
