Cloud
Oracle Surges to Record High on Cloud Bookings, Profit Beat
- Company announces cloud agreement with Amazon Web Services
- Quarterly revenue rises 7%; booked sales jump to $99 billion
Fiscal first-quarter cloud revenue increased 21% to $5.6 billion, meeting estimates.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Oracle Corp. shares hit a record high after the software giant reported profit and bookings that topped estimates, signaling that artificial intelligence demand continues to boost its cloud computing business.
Earnings, excluding some items, were $1.39 a share, Oracle said Monday in a statement. Revenue increased 7% to $13.3 billion in the period ended Aug. 31. Analysts, on average, estimated profit of $1.33 a share on sales of $13.3 billion.