Oracle shares climbed 6% following a strong earnings beat, with the company securing $30 billion in new AI cloud contracts and raising its full-year revenue guidance to $90 billion.
Oracle beat earnings estimates and raised guidance due to surging AI cloud demand, driving shares up over 6% after hours.
Oracle shares surged over 6% in after-hours trading after the company reported first-quarter revenue of $19.3 billion, exceeding analyst expectations of $19.14 billion. The growth was fueled by massive demand for AI cloud infrastructure, leading the company to raise its full-year revenue outlook to at least $90 billion.
Oracle's performance was primarily driven by surging demand for its AI cloud infrastructure, which helped the company beat both revenue and earnings estimates.
Oracle raised its full-year revenue forecast to at least $90 billion and increased its adjusted earnings per share expectation to $8.10.