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Oracle Reports Strong Bookings, Signaling Further Cloud Momentum

In Technology
June 12, 2024

(Bloomberg) — Oracle Corp. reported better-than-expected bookings, suggesting continued momentum for the company’s effort to compete in cloud computing against its larger tech rivals. The shares jumped about 9% in extended trading.

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Total remaining performance obligations, a measure of future contracted sales, increased 44% to $98 billion in the fiscal fourth quarter, the company said Tuesday in a statement. Analysts, on average, estimated $73.9 billion.

The Austin-based company, known for its database software, is focused on expanding its cloud infrastructure business to compete with Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google. While a small portion of total sales, investors are focused on this division as Oracle’s major future growth bet.

In the past two quarters, “Oracle signed the largest sales contracts in our history — driven by enormous demand for training AI large language models in the Oracle Cloud,” Chief Executive Officer Safra Catz said in the statement.

Oracle also announced a new agreement to make its namesake database available on Google’s cloud infrastructure. A similar deal with Microsoft, which was announced in late 2023, “will turbocharge our cloud database growth,” Ellison said in the statement.

Shares reached a high of $136.40 in late trading after closing at $123.88 in New York. The stock has jumped 18% this year, hitting a record in March.

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