Oracle Posts Strong Cloud Sales Growth Following AI Bookings

Описание: Bloomberg's Anurag Rana breaks down Oracles' strong earnings, as the tech company posted a stronger than expected report on multiple fronts. Oracles cloud sales grew on the back of massive contracts with artificial intelligence giants OpenAI and Meta, sending stocks up in the aftermarket.

Oracle Corp. posted quarterly cloud revenue that was better than expected and projected strong sales in the upcoming fiscal year, a sign the company is making good on its massive AI bookings.
Revenue in Oracle’s closely watched infrastructure business gained 84% to $4.9 billion in the period ended Feb. 28, the company said Tuesday in a statement. That marked a faster increase than the 79% anticipated by analysts and a 68% sales rise in the previous quarter. 
Oracle is working to deliver on massive cloud infrastructure contracts with customers like OpenAI and Meta Platforms Inc. Known for its namesake database software, the company’s cloud business has found major success by providing chip-filled data centers and other equipment for training and deploying AI models.
Remaining performance obligation, a measure of bookings, were $553 billion, compared with the $523 billion reported in the prior quarter. Most of this increase came from large-scale AI contracts in which the customers will fund the up-front purchases of semiconductors, the company said in the statement.
Oracle said total revenue would reach $90 billion in the fiscal year beginning in June. Analysts, on average, estimated $86.7 billion.
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