Oracle Pushes to Record High as AI-Frenzy Spurs Cloud Demand
- Cloud revenue growth will continue in fiscal 2024: CEO
- Generative AI boom is fuelling demand for Oracle’s services
Oracle Corp. offices in Redwood Shores, California.
Photographer: Justin Sullivan/Getty ImagesThis article is for subscribers only.
Oracle Corp. surged to a record high after the company said its cloud-computing business will continue its rapid growth in the coming fiscal year.
Cloud sales gained 54% in the fiscal fourth quarter to $4.4 billion, after a 45% jump in the previous period, Oracle said Monday in a statement. In the fiscal year ending May 2024, cloud revenue should increase at least as much as in the year that just ended, Chief Executive Officer Safra Catz said on a conference call after the results.