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Oracle Corporation (NYSE: ORCL) soared over 22% in afterhours trading Tuesday after delivering a bullish forecast for cloud revenue growth, signaling strong AI-fueled demand despite weaker-than-expected fiscal first-quarter results.
For the quarter ending Aug. 31, Oracle posted adjusted earnings of $1.47 per share on revenue of $14.93 billion, missing analyst estimates of $1.48 per share and $15.9 billion in revenue. However, investor sentiment turned positive as the company highlighted a surging order book and robust cloud momentum.
Remaining performance obligations, a key measure of booked revenue, jumped 359% year-over-year to $455 billion. This was driven by four multi-billion-dollar contracts with three major customers in Q1, underscoring rising enterprise demand for Oracle’s cloud solutions.
Oracle also reported explosive growth in its MultiCloud database business with Amazon, Google, and Microsoft, which surged 1,529% in Q1. The company expects this segment to grow “substantially every quarter for several years,” as hyperscalers accelerate AI adoption and cloud workloads.
Looking ahead, Oracle projects its Oracle Cloud Infrastructure (OCI) revenue will increase 77% to reach $18 billion this fiscal year. The growth trajectory is even more ambitious long-term, with revenue expected to climb to $32 billion in FY 2027, $73 billion in FY 2028, $114 billion in FY 2029, and $144 billion in FY 2030.
The upbeat forecast highlights Oracle’s positioning as a key player in the booming AI and cloud computing markets, boosting investor confidence. With surging demand, multi-cloud partnerships, and strong customer commitments, Oracle is setting the stage for significant growth in the years ahead.
