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Oracle tops quarterly profit estimates on AI demand, shares surge

Economic TimesEconomic Times · 7m
Oracle tops quarterly profit estimates on AI demand, shares surge

Oracle reported better-than-expected quarterly profits, boosted by growing demand for generative artificial intelligence. The company is aiming to position itself as a leading cloud-computing provider, offering cost-effective services compared to competitors like Amazon. Oracle has formed partnerships with Microsoft and Nvidia, the latter being a world leader in AI chips. The company's CEO, Safra Catz, stated that they expect continued demand for their Gen2 infrastructure due to high demand. Oracle's shares surged by almost 14% following the positive results. However, the company's revenue of $13.28 billion for the quarter fell slightly short of analysts' estimates. Oracle forecasted a revenue growth range of 4%-6% for the current quarter, lower than analysts' expectations.

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