Oracle Corp. jumped 28.77% to $311.01 after the database developer reported a slight increase in revenue and a marginal decline in net income in the fiscal first quarter ending on August 31.
Consolidated revenue advanced to $14.9 billion from $13.3 billion, net income inched lower to $2.927 billion from $2.929 billion, and diluted earnings per share edged down to $1.01 from $1.03 a year ago.
The company's board declared a quarterly cash dividend of $0.50 per share, payable on October 23 to shareholders on record on October 9.
"We signed four multi-billion-dollar contracts with three different customers in Q1," said Oracle CEO Safra Catz.
"This resulted in the contract backlog increasing 359% to $455 billion.
It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build.
Over the next few months, we expect to sign up several additional multi-billion-dollar customers, and Remaining Performance Obligation is likely to exceed half a trillion dollars," Catz added.
Oracle Cloud Infrastructure revenue is to grow 77% to $18 billion this fiscal year—and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the subsequent four years."
Oracle Chairman and CTO Larry Ellison announced that MultiCloud database revenue from Amazon, Google, and Microsoft grew by an impressive 1,529% year-over-year in the first fiscal quarter.
"This growth is to continue as Oracle delivers 37 additional datacenters to its hyperscaler partners, bringing the total to 71," estimated Ellison.
Ellison also revealed that Oracle will launch a new service next month at Oracle AI World called the "Oracle AI Database," which will allow customers to run leading AI models—such as ChatGPT, Gemini, and Grok—directly on top of Oracle Database.
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