Oracle Corp (NYSE:ORCL) shares are trading higher Tuesday on the heels of the company’s fiscal third-quarter results.
What Happened: Oracle said third-quarter revenue increased 7% year-over-year to $13.3 billion, which missed the consensus estimate of $13.306 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.41 per share, which beat average estimates of $1.38 per share.
Total remaining performance obligations climbed 29%. Total cloud revenues were up 25%, cloud infrastructure revenues were up 49%, cloud application revenues were up 14%, Fusion cloud revenue was up 18% and NetSuite Cloud ERP revenues were up 20% in the quarter.
"We expect to continue receiving large contracts reserving cloud infrastructure capacity because the demand for our Gen2 AI infrastructure substantially exceeds supply—despite the ...