Oracle reported quarterly revenue of $14.1 billion, up 9% year-on-year, but a weaker outlook and earnings below expectations led to an 8% drop in share price.
The company expects revenue growth between 7% and 9% for the current quarter, which is below analysts' estimates. Factors affecting stock performance included mixed order book growth.
CEO Safra Catz emphasized Oracle's competitive edge, stating, 'Our cloud is faster and cheaper than other clouds. We remain the preferred cloud for AI workloads.'
As demand for AI computing power surges, Oracle's cloud services division continues to grow, accounting for 77% of its total quarterly revenue and serving clients like OpenAI and Nvidia.
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