TECH - Oracle's Stock Value Surges As Company Enters 'Hypergrowth' Phase | Benzinga
Oracle Corporation (NYSE:ORCL), while not quite Magnificent Seven material, the company has been a fighter to maintain its position among the cloud technology giants such as Microsoft Corporation (NASDAQ:MSFT) and Amazon.com Inc. (NASDAQ:AMZN).
A solid set of results after the market close on Monday have set the stock up for a 13% pop on Tuesday.
Forecast-beating results are pleasing for markets. But a super-confident outlook report is worth so much more.
The company spoke of “hypergrowth” in its Gen2 cloud infrastructure business. “We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand… substantially exceeds supply,” said CEO Safra Catz.
The company added that it was opening new and expanding existing cloud datacenters “very rapidly.”
Oracle, founded in 1977 by ...