ORACLE on Tuesday forecast revenue for fiscal 2025 to grow in double digits, above analysts' estimates, indicating strong demand for its artificial intelligence (AI)-powered cloud services, sending the company's shares up 9 percent after the bell.
ORACLE on Tuesday forecast revenue for fiscal 2025 to grow in double digits, above analysts' estimates, indicating strong demand for its artificial intelligence -powered cloud services, sending the company's shares up 9 percent after the bell.The company also announced a partnership with ChatGPT-maker OpenAI and Google Cloud to extend its own cloud infrastructure to customers.
The company's total revenue grew 3 percent to $14.29 billion in the fourth quarter , but missed LSEG estimates of $14.55 billion.'In the cloud market, Oracle is doing well as the fourth-largest provider, but that business has to grow far bigger to help overall growth achieve double digits,' said Gil Luria, research analyst at D.A. Davidson.Oracle reported total revenue growth of 6 percent for fiscal year 2024. For FY25, analysts expect 9-percent growth.
Expects Double-Digit Revenue Growth
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