Login

News on Medial

Oracle tops quarterly profit estimates on AI demand, shares surge

Economic TimesEconomic Times · 8m
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.

3
View Source

Comments

More Like this

Expedia beats profit estimates, announces $5 billion share buyback

Expedia beats profit estimates, announces $5 billion share buyback

Adobe drops as weak forecast fans worries about competition, AI efforts

Adobe drops as weak forecast fans worries about competition, AI efforts

Gainers & Losers: 10 stocks that moved the most on October 17

Gainers & Losers: 10 stocks that moved the most on October 17

Cisco beats earnings expectations as AI spurs networking gear demand

Cisco beats earnings expectations as AI spurs networking gear demand

Nvidia just keeps hitting it out of the park

Nvidia just keeps hitting it out of the park

Oracle forecasts Q3 revenue below estimates on weak cloud spending, shares fall

Oracle forecasts Q3 revenue below estimates on weak cloud spending, shares fall

Oracle gains as cloud infrastructure business gets AI boost

Oracle gains as cloud infrastructure business gets AI boost

Nvidia stock surges as revenue forecast tops estimates, AI demand continues

Nvidia stock surges as revenue forecast tops estimates, AI demand continues

Nvidia supplier SK Hynix posts 6-year high profit on AI boom

Nvidia supplier SK Hynix posts 6-year high profit on AI boom

India's PB Fintech tops global fintech index after doubling in 2024

India's PB Fintech tops global fintech index after doubling in 2024

Download the medial app to read full posts, comements and news.