(Bloomberg) — Oracle Corp. said the company’s cloud-computing business will continue its rapid growth in the coming fiscal year, sending shares to a record high at the close. The stock gained another 4% in premarket trading.
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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.
Oracle has focused on expanding its cloud infrastructure business to more forcefully compete with market leaders Amazon.com Inc. and Microsoft Corp., which have seen recent slowdowns. A boom in generative AI, which needs tremendous computing power, is boosting demand for Oracle’s cloud services, executives said. Generative AI startup Cohere said last week that Oracle was among its investors in a $270…
2023-06-13 05:00:06
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