Reported about 10 hours ago
Oracle's stock surged over 25% in after-hours trading following CEO Safra Catz's announcement that the company's AI-driven cloud revenue could reach $144 billion by 2030, a significant increase from under $20 billion projected for the current fiscal year. Despite reporting first-quarter earnings that fell short of Wall Street expectations, Oracle revealed a remarkable growth forecast, owing in part to multibillion-dollar contracts with major AI players like OpenAI and Meta, and a significant increase in its contract backlog.
Source: YAHOO