Tech News Summary:
- Oracle’s Q4 results and revenue forecast have exceeded Wall Street expectations, resulting in shares rising by as much as 5% in extended trading on Monday.
- CEO Safra Catz predicts fiscal Q1 adjusted earnings of $1.12 to $1.16 per share and revenue growth of 8% to 10%, with cloud services remaining Oracle’s top source of revenue.
- Oracle has introduced a generative AI cloud service tied to a partnership with startup Cohere and has received approval for more cloud services for use by US defense and intelligence agencies.
Oracle Corporation has recently released their Q4 2023 earnings report, and it has been nothing short of record-breaking. The company reported earnings per share of $1.54, surpassing the estimated earnings of $1.31 per share. Oracle also posted a total revenue of $11.2 billion, which is a 2.5% increase compared to the same period last year.
One of the main contributors to this growth is the cloud services and license support revenue, which accounts for 71% of the total revenue. This segment has seen a 3% increase from the previous year, amounting to $7.8 billion in revenue. The cloud infrastructure revenue also saw significant growth, reaching $1.6 billion, which is a 13% increase from last year.
Oracle’s success in the cloud sector can be attributed to their strong partnerships with major companies such as Zoom, Microsoft, and TikTok. The company has also been investing heavily in cloud infrastructure, resulting in a growing customer base.
In addition to their cloud services’ success, Oracle’s hardware revenue has also experienced growth, amounting to $1.1 billion, which is a 7% increase from last year.
Oracle’s executive chairman and CTO, Larry Ellison, expressed his satisfaction with the company’s performance, stating, “We continue to take share from SAP in every region around the world. In fact, our cloud applications business is now growing faster than our largest competitor’s core cloud ERP business.”
Overall, Oracle’s Q4 2023 earnings report showcases their impressive growth in the cloud sector and their ability to adapt to evolving industry trends. With their continued investment in cloud infrastructure and partnerships with major companies, Oracle is poised to maintain their success in the coming years.