Oracle’s quarterly revenue beats estimates as AI boom drives cloud demand
Oracle topped Wall Street expectations for first-quarter revenue on Thursday and lifted its annual profit forecast, boosted by strong demand for its cloud computing services from surging enterprise spending on AI.
Shares of the company, which have fallen more than 20% this year, rose nearly 6% in extended trading.
The upbeat report indicates that Oracle’s heavy investment in data centers is bearing fruit, helping it secure more enterprise contracts.
Oracle’s revenue backlog stood at $664 billion at the end of the first fiscal quarter, up from $638 billion in the prior three months, while analysts estimated $639.89 billion, according to data from Visible Alpha.
