Oracle, the leading business software giant, has reported impressive top and bottom line results for its latest quarter. The company recorded $12.45 billion in revenue, surpassing the $11.45 billion achieved in the year-ago period. Analysts had anticipated revenue of $12.25 billion, highlighting Oracle’s exceptional performance.
The Austin, Texas-based company also posted adjusted earnings of $1.19 per share, outperforming analysts’ expectations of $1.15 per share. Additionally, net income for Oracle soared to $2.42 billion, demonstrating significant growth from $1.55 billion in the previous year. Analysts polled by FactSet had predicted net income of $2 billion.
Solid Growth in Cloud Revenue
One of the key factors contributing to Oracle’s success was the remarkable growth in cloud revenue. In the quarter, cloud revenue surged by 30% to reach $4.6 billion. Furthermore, cloud infrastructure revenue witnessed an impressive increase of 66%, reaching $1.5 billion during this period.
The Power of Oracle’s Gen2 Cloud
Chairman Larry Ellison expressed his enthusiasm for the company’s achievements, stating that AI development companies have signed contracts valuing over $4 billion to access Oracle’s Gen2 Cloud. This figure represents a twofold increase from the end of Q4.
Oracle’s exceptional performance in Q1 is a testament to its continuous success and ability to meet and exceed expectations. With its strong revenue growth and expanding presence in the cloud market, Oracle remains at the forefront of innovation and technology.