(Bloomberg) — Oracle Corp. surged 13% after reporting a spike in bookings attributed to its closely watched cloud computing business, showing progress in its bid to capture more share of the competitive market.
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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.
The Austin-based company, known for its database software, is focused on expanding its cloud infrastructure business to compete with Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google. That effort has faced headwinds in recent quarters as growth rates slowed. But there were signs of stabilizing in the third quarter, with sales gaining at nearly the…
2024-03-11 16:17:40
Article from finance.yahoo.com