Oracle Corp. (NASDAQ:ORCL) rocketed higher on Wednesday after the company released its first-quarter earnings report Tuesday afternoon.
- ORCL stock is racing higher. See the real-time price action here.
Oracle reported quarterly earnings of $1.47 per share and revenue of $14.92 billion, with both figures slightly under Street estimates. However, commentary on future revenue from chairman Larry Ellison and CEO Safra Catz sent the stock surging.
Here’s Why Shares Soared:
What fueled the stock surge was Oracle’s aggressive growth outlook tied to AI and cloud demand.
“MultiCloud database revenue from Amazon, Google and Microsoft grew at the incredible rate of 1,529% in the first quarter,” Ellison said.
Read Next: UnitedHealth Stock Climbs On Reaffirmed Guidance: Details
“We expect MultiCloud revenue to grow substantially every quarter for several years as we deliver another 37 datacenters to our three Hyperscaler partners, for a total of 71,” he added.
CEO Catz said Oracle signed four multi-billion-dollar contracts in Q1, driving its …