Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Oracle beats quarterly revenue estimates on cloud services demand

(Reuters) -Oracle on Monday topped fourth-quarter revenue estimates and forecast an upbeat first quarter, driven by growing demand for its cloud offerings from companies deploying AI, sending its shares up nearly 4%.

Oracle’s push into the cloud computing market has started to bear fruit, helped by its acquisition of electronic medical records firm Cerner last year that has helped it better compete with industry giants like Microsoft and Amazon.com.

The cloud and software company has also boosted its AI cloud offerings, including its partnership with Nvidia to make the chip company’s AI software and chips available to Oracle customers via its cloud services.

Oracle’s revenue for the fourth quarter jumped about 17% to $13.84 billion, beating analysts’ estimates of $13.74 billion, according to Refinitiv.

Cloud revenue rose 54% to $4.4 billion.

Analysts believe that given the company’s partnership with Nvidia, Oracle Cloud Infrastructure (OCI) is well-positioned to become a major AI/ML development platform, which could be another leg of emerging growth.

Companies doing LLM (large language model) 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,” Oracle Chairman and Chief Technology Officer Larry Ellison said in a statement.

The company forecast its total revenue to rise 8% to 10% in the first quarter. Analysts on average were expecting growth of about 8%.

Oracle expects cloud revenue, excluding Cerner, to grow at least at similar rates in fiscal 2024 as in 2023, Chief Executive Safra Catz said on a conference call with analysts.

The company’s shares, which closed at their record high of $116.43 on Monday, were up at $120.53 in extended trading.

(Reporting by Samrhitha Arunasalam and Raghav Mahobe in Bengaluru; Editing by Maju Samuel)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts