Oracle began building up its cloud-computing business to compete with Amazon and Microsoft a decade ago. AI has supercharged its growth.
Stocks looked set to rise on Wednesday, as investors awaited the first of two key inflation reports.
Oracle Corp (NYSE:ORCL, ETR:ORC) shares rocketed 31% in after-hours trading after the company unveiled a blockbuster cloud growth forecast, brushing aside a slight earnings miss to ignite investor excitement. The software giant now expects its cloud infrastructure revenue to reach $144 billion in fiscal 2030, up from $10.3 billion in 2025 — a projection that helped send its stock soaring to levels not seen since the dot-com boom.
Shares of Oracle rose 31% in Frankfurt on Wednesday, a day after the company said it expects booked revenue at its Oracle Cloud Infrastructure business to exceed half a trillion dollars.
There's no denying the trajectory of artificial intelligence (AI) over the past few years. Many of the companies that have pivoted to adopt this game-changing technology have ascended the ranks of the world's largest companies when measured by market cap.
As Oracle's stock was soaring following the company's earnings report on Tuesday, analysts were gushing about the numbers and the company's prospects in artificial intelligence. "I'm sort of blown away," said John DiFucci, an analyst at Guggenheim.
Oracle said in its earnings report that remaining performance obligations jumped 359% from a year earlier, indicating big growth prospects. Earnings and revenue for the latest quarter missed estimates.
Paul Meeks looks at Oracle (ORCL) ahead of the company's earnings report. He expects them to continue to show momentum as it plays a central role in the A.I.
ORCL's NetSuite ERP drives double-digit SaaS growth, boosting cloud revenue momentum and positioning the company for stronger long-term demand.
Cloud computing giant Oracle is laying off 101 employees in Seattle, less than a month after reducing its local workforce.
Oracle is laying off more workers in Washington state. The cloud and database giant is laying off 101 employees in Seattle, according to a new filing with the Washington state Employment Security Department. This follows a separate filing from Aug. 13 which indicated that Oracle was laying off 161 workers as part of broader cuts across the company's operations. We've contacted the company about the latest cuts and will update this post if we hear back. Posts on Linkedin on Tuesday show Oracle engineers, salespeople, and others impacted by layoffs.
Last week, Oracle stock (NYSE: ORCL) fell 5%, aligning with a broader pullback in several AI-related names. The decline was driven by worries about a potential bubble in the space, especially given the substantial capital spending underway.