Oracle has delivered decent results for its latest quarter, exceeding street expectations and boosting its stock by over 9 per cent in after-hours trading. For the quarter ending 31 August, Oracle reported a revenue of USD 13.31 billion, which was well and above forecasts.
The company’s earnings per share reached USD 1.39, exceeding the anticipated USD 1.32. Oracle’s cloud services revenue grew 21 per cent to USD 5.6 billion, pointing to the growing demand for its cloud offerings.
The company’s Remaining Performance Obligations (RPO), a critical measure of future revenue, saw a substantial increase of 53 per cent, reaching USD 99 billion for the quarter.
Overall, the performance shows a strong push into the cloud computing market, where it is narrowing the competitive gap with leaders like Microsoft and Amazon Web Services (AWS).
Oracle said expects revenue growth between 8 per cent and 10 per cent for the upcoming second quarter, with the midpoint of this range crossing analyst estimate of 8.72 per cent.
In a statement, Larry Ellison, Oracle’s Chairman and CTO, mentioned the increasing demand for multi-cloud solutions. “We are seeing huge demand from customers that want to use multiple clouds. To meet this demand and give customers the choice and flexibility they want, Amazon and Oracle are seamlessly connecting AWS services with the very latest Oracle Database technology, including the Oracle Autonomous Database,” he said.
Oracle’s strategic partnerships with AWS and Google Cloud have become part of its broader effort to enhance connectivity across cloud platforms, driving new revenue opportunities and strengthening its market position.
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