Oracle Shares Turn Green

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Oracle Shares Turn Green

Oracle Shares Turn Green Post Q3 Results

Oracle has released its results for the 3rd quarter, which showed a strong earning during the period. The jump in earnings was driven by increased demand for the AI products/services offered by the company.

The quarterly results were better than expected, and they allowed Oracle shares to turn higher during the premarket session. As per the results, a 16% increase was seen in the profit per share, with a value of around $1.41. This value was higher than the forecast of $.138 and thus allowed the Oracle shares to turn green.

Oracle's Booked Revenue Up By 29%

Booked revenue, also known as Remaining performance obligations, also jumped 29% during the period, reaching $80+ billion. According to experts, Oracle's stellar performance further strengthened the company's position.

According to Oracle's CEO, the company continues to receive big contracts related to the cloud storage sector. As a result, the supply of Gen2 AI infrastructure is no longer able to meet the high demands of the industry. This presents an opportunity for Oracle to expand and even open new data centers.

third-party analyst added that the capacity of cloud computing seems to be slowly catching up with the pace of new data centers. As a result, Oracle's performance and revenue growth will remain strong even in the financial year 2025.

Meanwhile, JPMorgan believes that any backlog will likely convert into revenue as well. That's why the growth of revenue during the current quarter will be 4% - 6%.

Another announcement made by Oracle was of an ointment announcement with another industry giant 'Nvidia.' As for what will be discussed, the term AI was mentioned a little too many times which provides some insight into what to expect.

The gains seen in the Oracle stock were also seen in other technology stocks as Monday's session came to a close. For starters, Microsoft is up by 0.6%, while Alphabet has also posted similar gains. Meanwhile, Nvidia has taken the lead with a gain of 2.0% for the day.

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