Oracle stock rises to all-time high as cloud growth aids earnings beat
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Oracle Corporation (NYSE:ORCL) shares edged higher in Mondayâs extended session after the Texas-based company topped Q4 earnings expectations.
The Larry Ellison-led tech giant notched $1.67 in earnings per share on $13.84B in revenue. Analysts had anticipated $1.58 in earnings per share on $13.73B in revenue. The strong top-line report was credited to a 23% surge in cloud services and license support revenue year over year to $9.4B, offsetting a modest decline in cloud license and on-premise sales.
âAnnual revenue growth was led by our cloud applications and infrastructure businesses which grew at a combined rate of 50% in constant currency,â CEO Safra Catz commented. âOur infrastructure growth rate has been acceleratingâwith 63% growth for the full year, and 77% growth in the fourth quarter. Our cloud applications growth rate also accelerated in FY23. So, both of our two strategic cloud businesses are getting biggerâand growing faster. That bodes well for another strong year in FY24.â
CTO and founder Larry Ellison added that Oracleâs Gen2 Cloud has become âthe numbe one choice for running Generative AI workloads,â highlighting the companyâs work alongside Nvidia Corporation (NVDA) as well as the companyâs investment in generative AI startup Cohere.
âNVIDIA themselves are using our clusters, including one with more than 4,000 GPUs, for their AI infrastructure. Our GPU clusters are built using the highest-bandwidth and lowest-latency RDMA networkâand scale up to 32,000 GPUs,â Ellison said. âAs a result, cutting edge companies doing LLM development such as Mosaic ML, Adept AI, Cohere plus 30 other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle's Gen2 Cloud.â
Oracle (ORCL) stock touched a record high of $117.51 during Mondayâs trading session. The earnings beat after the bell pushed shares yet higher to over $120 per share, equating to just over a 3% gain.
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