Oracle Cloud Boosted by Partnerships, Stock Price Soars

Reported 7 months ago

Oracle announced lower-than-expected revenue and profit for the last quarter (March to May) but revealed plans to link its database software with Google Cloud platform and provide cloud infrastructure for OpenAI, resulting in a more than 7% surge in stock price on the following day, reaching a record high. By linking with Google Cloud from November onwards, customers can freely transfer data between Google and Oracle data centers without additional data transmission fees. Oracle's collaboration with Microsoft Azure has also expanded, along with plans to work with Amazon AWS in the future. The CEO announced ongoing expansion of cloud infrastructure to meet increasing demands, including building the world's largest data center capable of training AI models with up to a million watts. Oracle's last quarter revenue increased by 3% to $14.29 billion, while net profit decreased by 5% to $3.14 billion, with adjusted EPS of $1.63 falling short of Wall Street's expected $1.65.

Source: YAHOO

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