Oracle Corporation’s Stock Skyrockets on Impressive AI Cloud Revenue Predictions
Oracle Corporation shares experienced a massive 36% surge on Wednesday, marking the stock’s best performance since 1992. This impressive leap came after the database software giant unveiled extraordinary cloud infrastructure revenue projections, leaving Wall Street analysts in a state of shock. The company anticipates its cloud revenue to skyrocket to a staggering $144 billion by fiscal 2030, a significant increase from $18 billion this fiscal year.
Despite falling short of earnings expectations with $1.47 per share against the anticipated $1.48, Oracle’s announcement of $455 billion in remaining performance obligations – a whopping 359% increase from a year earlier – propelled the stock to historic highs. CEO Larry Ellison briefly claimed the title of the world’s richest person as Oracle’s market cap neared $922 billion.
The company secured four multi-billion-dollar contracts in the quarter, including partnerships with OpenAI, xAI, and Meta. This positions Oracle as a significant contender in the rapidly evolving AI infrastructure race.
Source: CNBC