TECH - Oracle's Cloud Efforts Receive A Much-Needed Validation | Benzinga
On Tuesday, Oracle Corporation (NYSE: ORCL) posted its fiscal fourth-quarter earnings that were below estimates. But, known for its database software, Oracle went all in to expand its cloud infrastructure unit to compete with Amazon.com Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL). Therefore, to shift the focus away from weaker than anticipated financials, management emphasized new partnership with Microsoft, OpenAI and Google Cloud, along with discussing the growth avenue created by the AI hype. Oracle CTO Larry Ellison also noted that Oracle's cloud infrastructure and data centers are also being used by Nvidia Corporation (NASDAQ: NVDA) and xAI, an AI company founded by Tesla Inc (NASDAQ: TSLA) CEO, Elon Musk.
Fiscal Fourth Quarter Highlights
For the quarter ended on May 31st, total revenue grew 3.3% to $14.29 billion, which was below LSEG’s estimate of $14.55 billion. Cloud infrastructure alone brought in $2 billion, as renting of computing power and storage increased 42%. Although it remains much smaller compared to Microsoft Azure and Amazon Web Service, Oracle’s cloud unit ...