Oracle Posts Biggest Gain Since 2021 on Cloud Revenue Growth
- Cloud revenue increased 25% to $5.1 billion in third quarter
- Shares gain as much as 15% in premarket on strong results
Oracle headquarter in Redwood Shores, California.
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Oracle Corp. shares posted their biggest gain in more than two years after reporting a spike in bookings in its cloud computing business, showing progress in its bid to capture more of the competitive market.
Remaining performance obligation — a measure of Oracle’s sales backlog — was $80 billion at the end of the quarter ended in February. That was significantly ahead of the $59 billion expected by analysts. Chief Executive Officer Safra Catz pointed to this figure, which she said was driven by “large new cloud infrastructure contracts signed in the third quarter,” as evidence of momentum.