Oracle's Q3 Results Surpass Expectations; Cloud Revenue Surges 25%

Tuesday, 12 March 2024, 16:19
Oracle's fiscal 2024 third quarter results exceeded analyst estimates, with revenue growing 7% and adjusted EPS up by 16%. The highlight was the company's record-breaking remaining performance obligation, signaling strong future results. Cloud revenue, particularly from infrastructure services, witnessed substantial growth, positioning Oracle to compete effectively in the market.
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Oracle's Q3 Results Surpass Expectations; Cloud Revenue Surges 25%

Blockbuster results

The enterprise database specialist Oracle reported impressive fiscal Q3 results, surpassing revenue and EPS estimates. Its record backlog indicates promising future prospects.

Cloud revenue surge

Oracle's cloud revenue surged by 25%, with its cloud infrastructure experiencing significant growth, outperforming key competitors. Management's focus on AI capabilities and cloud expansion points towards continued success.

  • AI cloud demand: Oracle's agreement with Nvidia reflects strong demand for AI services, leading to rapid cloud data center expansion.
  • Revenue guidance: The company forecasts solid revenue and cloud growth for the upcoming quarter, indicating a positive trajectory.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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