Oracle stock climbs as cloud infrastructure revenue doubles to $7.4 billion, with the company securing $30 billion in new AI contracts and projecting full-year revenue of at least $90 billion.
Oracle's cloud revenue doubled driven by AI demand, leading to record results and bullish outlook.
Oracle shares surged over 6% in extended trading after reporting record fiscal first-quarter revenue of $19.35 billion, beating analyst estimates. The company's cloud infrastructure segment more than doubled to $7.4 billion, fueled by insatiable demand for AI training and inferencing services.
The record results were primarily driven by a 30% year-over-year revenue increase and a doubling of cloud infrastructure revenue, supported by high demand for AI cloud training and inferencing services.